Burman family, promoters of Dabur India, have acquired a 14.3% stake in India’s largest dry cell battery maker Eveready Industries India in an open offer that ended on Thursday.

This brings Burmans’ stake in the company to 38.3%. Mohit Burman, who led the family’s investment in Eveready, said the open offer was over.

“Our stake is now 38.3%. We’re happy with the result. We got a 14.3% stake,” he said. The offer starts June 3 and ends Thursday.

In February, the Burmese authorised JM Financial Services to buy a 5.26% stake in Eveready at a price not exceeding Rs 320 per share, the same as the public offer price and announced its intention to take control of the company.

Under the Securities and Exchange Board of India (Sebi) takeover rules, the purchase order plus Burmans’ decision triggers an additional 26% open offer as it may exceed the 25% threshold limit. At the time, the Burmese held a 19.84% stake in Eveready.

According to a mandate granted to JM Financial, the Burmese held a 3.98% stake between April 13 and May 26, an update to an offer mentioned earlier this month.

The completion of the open offer is expected to pave the way for Eveready’s next move. When proposing the open offer, Burman Group had said it intended to be the driving force behind the acquisition of control of Eveready.

In 1993, Khaitan bought Eveready (then Union Carbide) to beat Eveready’s current promoter, Wadias of Bombay Dyeing. But their control of the company has been slipping over the past two years, and as of March 2022, their control has dropped to 4.90%.