Eveready Industries share price rose 3 percent on BSE on Wednesday after the company said the Burman Group’s open offer of Rs 604.76 crore will open on April 26, 2022.
Eveready Industries share price rose 3 percent to Rs 341.75 apiece on BSE on Wednesday after the company said promoters of Dabur India Burman Group’s Rs 604.76-crore open offer for an additional 26% share of the acquisition promoted by Khaitans is slated to open on April 26, 2022. The price of Dabur India share rose more than 1.5 percent to Rs 563.20 apiece on BSE. The open offer price is Rs 320 per share. Analysts say Eveready stock is in a bullish trend.
Buy Eveready Shares with SL of Rs 394
“After consolidation, it is now moving northward and registering significant volumes. We expect it to rise further and test 400 to 420 levels in the near term,” Anuj Gupta, Vice President, IIFL Securities, told FinancialExpress.com. Gupta added. allows investors to buy this stock with a stop loss of 394 for the target of 400 to 420 levels.
The start date of the subscription period is set for April 26, 2022 and the closing date for May 10, 2022, said JM Financial Ltd, the manager of the offer in a draft offer letter to the public shareholders of Eveready Industries India. The last date for upward revision of the offer price and the size of the open offer is April 22, 2022. Burman Group had made an open offer of Rs 604.76 crore through various entities to acquire approximately 1.9 crore shares of Eveready Industries, representing 26 percent of the expanded voting share capital, at a price of Rs 320 per share, payable in cash.
Eveready has a lot of potential and the new investment and board members can add more to the company and strategies that can help the company grow further, Likhita Chepa, Senior Research Analyst at CapitalVia Global Research, told FinancialExpress.com. Chepa believes that this can also give a new direction to the company and that strong growth can be expected in the future.
Ravi Singh, VP & Head of Research, Share India Securities, told FinancialExpress.com that Burma Group entities had been buying into Eveready since March 2019. In July 2020, it became the largest shareholder in Eveready with a 19.84 percent stake after acquiring 8.48. percent shares. And now they announced the open offer for another 26 percent in Eveready last month. “This gives Eveready Industries another lifeline and the stock price is showing the ripple effect. In this momentum, the stock could climb as high as 360 levels in the near term,” Singh added.
Eveready Industries share price rose to its 52-week high of Rs 413.30 apiece on BSE in October. Since then, the stock has fallen nearly 25 percent while Dabur India hit a 52-week low of Rs 502 earlier this month.
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