IndusInd Bank acquires 7.82% stake in Eveready by invoking pledged shares

Private sector IndusInd Bank on Saturday said it has acquired 7.82 per cent stake in battery maker Eveready Industries by invoking pledged shares following loan default.

The bank invoked pledge on 56,83,320 shares forming 7.82 per cent 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.

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.

Source : Economic Times