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IndusInd Bank buys 7.82% stake in Eveready; invokes pledged shares

The bank invoked pledge on 56.8 lakh shares constituting 7.82% of paid-up equity share capital of Eveready Industries

twitter-logoBusinessToday.In | August 9, 2020 | Updated 11:46 IST
IndusInd Bank buys 7.82% stake in Eveready; invokes pledged shares
IndusInd Bank bought a 7.82% stake in battery manufacturer Eveready Industries

IndusInd Bank has bought a 7.82% stake in battery manufacturer Eveready Industries, it said on Saturday, August 8. The private sector lender invoked pledged shares for the said purchase following loan default.

The bank invoked pledge on 56.8 lakh shares constituting 7.82% of paid-up equity share capital of Eveready Industries.

"The equity shares of Eveready Industries India Ltd., held by Williamson Magor and Co. Ltd., were pledged with the bank for securing the outstanding dues of Seajuli Developers & Finance Limited (Seajuli), the borrower company. The bank has invoked the pledge held on aforesaid shares for recovery of its dues from Seajuli," IndusInd Bank said in a regulatory filing.

Also Read: SBI, IndusInd Bank, ICICI Bank, Kotak Bank, others gain ahead of RBI policy decision

The bank also informed about acquiring 7.5 per cent (78,32,253 shares) in tea firm McLeod Russel India Ltd by invoking pledged shares following default by the borrower.

"The equity shares of McLeod Russel India Ltd. held by Williamson Magor and Co. Ltd., were pledged with the bank for securing the outstanding dues of Seajuli Developers & Finance Limited (Seajuli), the borrower company. The bank has invoked the pledge held on the aforesaid shares for recovery of its dues from Seajuli," it said.

Also Read: IndusInd Bank stock gains 4% on RBI's nod for Route One to raise stake

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