NEW DELHI: Shares of Eveready Industries India surged 18 per cent on Friday morning after media reports that Williamson Magor, which owns 45 per cent, is selling Eveready Industries.
The BM Khaitan-led Williamson Magor is selling its flagship Eveready Industries, a leader in dry cell batteries and flashlights, triggering an auction process for one of countrys oldest consumer brands, ToI reported.
The promoter is said to have mandated Kotak Mahindra Bank for potential sale.The stock has more than halved in past year, with changes in technology and cheap imports hitting prospects of company.
Eveready has attempted diversification by entering into LED lights and appliances business of late, but has faced difficulties to venture into new segments owing to its deteriorating financial health.
The stock was 14.82 per cent up at Rs 208.40 around 9:50 am on BSE.