The shares were acquired through multiple block trades on Tuesday, following which Eveready shares hit an upper circuit of 10% on Tuesday after the Burman family.

Eveready Industries closed at ₹88.90 up 9.98% from its previous close, while the benchmark index, Sensex lost 1.88% to close at 36033.06.

According to the stock exchange filings, the transactions were initiated through Guardian Advisors, which manages the investment for the Burmans. Guardian Advisors transacted on behalf of M.B.Finmart, Puran Associates, VIC Enterprises, Chowdry Associates and Gyan Enterprises. These companies are owned by various members of the Burman family.

The Eveready shares were bought by these entities at a price of Rs81.8 per share, spending a total of around ₹50.5 crore for the 8.48%.

Post-acquisition, the Burman family’s stake in Eveready Industries has increased to 19.84% from 11.35% earlier.

The battery maker’s consolidated net profit surged to ₹63.07 crore in Q4 March 2020, higher than net profit of ₹4.54 crore in Q4 March 2019. Consolidated net sales declined 32.4% to ₹224.08 crore in Q4 FY20 over Q4 FY19. It reported exceptional gain of ₹62.03 crore on sale of land at Hyderabad.

Eveready Industries India is engaged in the business of marketing of fast-moving consumer goods (FMCG), such as dry cell batteries, rechargeable batteries, flashlights, packet tea and general lighting products. The firm also distributes a range of electrical products.