Eveready Industries Chairman Aditya Khaitan and Managing Director Amritanshu Khaitan quit today following a takeover bid by the Burman group.
The resignations came two days after the Burmans made an open offer for the Kolkata-based dry cell battery major.
Suvamoy Saha will assume charge as the new MD of the company, a filing said.
The Burman group made a Rs 604.76-crore open offer to acquire around 1.89 crore shares of Eveready Industries, representing 26 per cent of the expanded voting share capital, at a price of Rs 320 per share, payable in cash.
Before the takeover bid, Burmans were already the largest shareholder in the company with a 19.85% stake.
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