IndusInd Bank Acquires Stakes In Eveready And McLeod Russel India
A guard stands at the entrance to an IndusInd Bank Ltd. branch in Mumbai, India. (Photographer: Dhiraj Singh/Bloomberg)

IndusInd Bank Acquires Stakes In Eveready And McLeod Russel India

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Private sector bank IndusInd Bank has acquired 7.82% stake in battery maker Eveready Industries India Ltd. by invoking pledged shares following a loan default, according to a filing with stock exchanges.

The bank invoked pledge on 56,83,320 shares forming 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 the filing.

The bank also informed about acquiring 7.5% (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.

Shares of Eveready Industries ended Friday's trading session with gains of 4% at Rs 145.5, while those of IndusInd Bank ended 2.6% higher at Rs 507.9.

Shares of McLeod Russel ended on an upper circuit of 5% at Rs 13.2 per share.

Also read: Burmans Want To Manage Eveready Professionally, Limit Promoter Say

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