After Vistra ITCL (India) invoked a complete of 17,00,000 fairness shares of Eveready Industries, the flagship firm of the Williamson Magor Group, on October 7, the promoter’s shareholding within the agency now falls to round 4.92 per cent from about 7.2 per cent in August.
At the tip of June, the Khaitan household had round 22.16 per cent stake within the battery main.
The shareholding of the promoter group within the Kolkata-based agency has been falling with banks and monetary establishments persevering with to invoke pledged shares for restoration of their dues from different group firms.
Khaitan household’s stake in Eveready Industries had fallen under 10 per cent in August after IndusInd Bank acquired practically eight per cent stake by invoking pledged shares of the battery maker.
The firm is but to reveal its shareholding sample by the tip of September.
Calls to Eveready Industries Managing Director Amritanshu Khaitan to hunt feedback on the promoters’ holding falling under 5 per cent remained unanswered.
The Burman household is the only largest shareholder within the city-based firm with practically 20 per cent stake.
Recently, the Khaitan household had additionally indicated that they have been able to collectively handle the corporate, which is listed on inventory exchanges.
“Promoters are striving hard to work out a restructuring deal and it may take about a month before something concrete happens,” sources advised PTI.
Responding to shareholders’ queries throughout Eveready’s annual common assembly final month, managing director Amritanshu Khaitan mentioned, “They (Burmans) have publicly talked about that they discovered worth in your organization and thereby they’ve taken a place within the firm.
“We value their investment as a shareholder we value that they see value in your company and thereby they invest here.”
Eveready Industries was integrated in 1934 and was a subsidiary of Union Carbide Corporation, US. The Williamson Magor Group acquired the corporate in 1993.