New Delhi: IndusInd Bank has acquired more than 7 percent stake in Eveready Industries India and McLeod Russel India by invoking pledged shares.
The bank invoked the promise of more than 56.83 lakhs of Eveready Industries shares to take a 7.82 percent stake in the battery maker.
“The equity shares of Eveready Industries India Ltd held by Williamson Magor and Co Ltd were pledged to the bank to guarantee the outstanding installments of Seajuli Developers & Finance Limited (Seajuli), the borrowing company. The bank has invoked the guarantee maintained on the aforementioned shares to recoup its Seajuli quotas, ”IndusInd Bank said in a regulatory document.
The company manufactures and markets batteries, lanterns, and tea packs under the “Eveready” brand.
The bank also invoked the guarantee on more than 78.32 million shares of capital to recover its Seajuli shares. Shares of McLeod Russel India held by Williamson Magor and Co Ltd were pledged to the bank to secure the outstanding installments of Seajuli Developers & Finance Limited, the borrowing company.
IndusInd Bank has acquired 7.50 percent of the paid-up share capital of the company by invoking shares.
McLeod Russel India is engaged in the cultivation and manufacture of tea. The tea produced is sold on the national and international markets and is part of the Williamson Magor Group. It has 31 tea plantations in Assam and two in the Dooars region of West Bengal, three plantations in Vietnam and six in Uganda.
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