IndusInd Bank Picks Stake in Eveready, McLeod Russel

New Delhi: IndusInd bank has acquired more than 7 per cent stake in both Eveready Industries India and McLeod Russel India by invoking pledged shares. Also Read – Sensex cracks over 368 points; banking, auto stocks drag

The bank invoked pledge on more than 56.83 lakh equity shares of Eveready Industries to pick up 7.82 per cent stake in the battery maker. Also Read – Sensex falls 96 points, Nifty ends below 10,800

“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 – IL&FS again spooks Indusind Bank nos, net up a paltry 5% in Q3

The company is in the business of manufacturing and marketing of batteries, flashlights and packet tea under the brand name of “Eveready”.

The bank also invoked the pledge on more than 78.32 crore equity shares for recovery of its dues from Seajuli. The shares of McLeod Russel India held by Williamson Magor and Co Ltd were pledged with the bank for securing the outstanding dues of Seajuli Developers & Finance Limited, the borrower company.

IndusInd Bank has acquired 7.50 per cent paid-up equity share capital of the company by invoking shares.

McLeod Russel India is engaged in cultivation and manufacturing of tea. The tea produced is sold in domestic as well as international markets and is part of the Williamson Magor Group. It has 31 tea estates in Assam and two in the Dooars region of West Bengal, three estates in Vietnam and six in Uganda.