The Hindu Business Line : Eveready Industries to be re-listed from today

THE Eveready Industries stock would be re-listed on the bourses from tomorrow, after hive-off of its bulk tea business to McLeod Russel, a group company. Along with the asset transfer, the paid-up capital of Eveready has come down to Rs 27.89 crore from the earlier Rs 55.78 crore, resulting in the reduction in the face value of the stock to Rs 5 each from Rs 10 each.

Eveready Industries from now on would be a FMCG play with focus on dry cell battery, packet tea and torch businesses.

Incidentally, the company is setting up a Rs 600 crore new unit in Uttaranchal with a capacity of 400 million batteries per annum.

The existing shareholders of the company have also got one share of Rs 5 each of McLeod Russel for every share held, which would also be listed on the bourses shortly. McLeod has 24 tea gardens.

The annual and Q4 results of Eveready are scheduled to be announced on April 28.

Meanwhile, S.B. Billimoria has become the sole auditor of Eveready Industries after the resignation of PricewaterhouseCoopers.

The company board has also been recast.

The old Rs 10 share of Eveready was last traded on BSE at Rs 81.90.

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