Eveready shares rise on news of Chairman, MD's resignation; analyst sees stock fit for re-rating

Aditya Khaitan and Amritanshu Khaitan today resigned as Eveready Industries India Ltd's Chairman and Managing Director. The resignation comes two days after the Burman family made an open offer to take over the company. The stocks were up 4 per cent intraday on this news and settled at Rs 357 on the NSE, up over 2 per cent from the Wednesday closing price.

In an open offer announced on February 1, 2022, the Burman family, which controls Dabur India Ltd, will buy an additional 26% stake for Rs 604.7 crore. 

The offer made by the Burman family is at a discounted price. The offer made is close to Rs 320 - Rs 325 against the current market price of Rs 357 which does not seem to be a very attractive proposition, market expert Avinash Gorakshakar said.

This analyst said that the Burban family has enough cash flow to deal with the pending cases of Eveready and the deal will bring in more scope of growth since Eveready is already a leader in battery making market.

He said that the current event is a good trigger for stock's rerating. 

As of Eveready, the board has requested that Joint Managing Director Suvamoy Saha has assumed the duties of the Managing Director until further nominations are made.

For more details, Watch Full Video Here:-

BreakingNews

EVEREADY से जुड़ी बड़ी खबर...
कंपनी के चेयरमैन और MD ने इस्तीफा दिया
आदित्य खेतान और अमृतांशु खेतान का इस्तीफा
ज्वाइंट MD Suvamoy Saha ने MD का पदभार संभाला

जानिए मैनेजमेंट में बदलाव से स्टॉक में कैसा रहेगा एक्शन?@AvinashGoraksha @deepdbhandari pic.twitter.com/LiGgLYQuwV

— Zee Business (@ZeeBusiness) March 3, 2022