The IndusInd Bank in a regulatory filing on Saturday said that it has acquired a 7.82 percent stake in battery maker Eveready Industries India Ltd. by invoking pledged shares following a loan default.
“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,” it said in a filing with stock exchange.
7.82 per cent of the paid-up equity share of Eveready Industries amounting up to 56,83,320 shares was taken over by IndusInd Bank by selling the pledged shares.
The bank also said that it will acquire 7.5 percent in the tea firm McLeod Russel India Ltd. Which were pledged with the bank for securing the outstanding dues of Seajuli Developers & Finance Limited, the borrower company. The bank invoked pledge on 78,32,253 shares for recovery of its dues from Seajuli, according to the regulatory filing.
Friday’s trading session saw the shares of Eveready Industries ending with gains of 4% at Rs. 145.5, those of IndusInd Bank ended 2.6% higher at Rs.507.9 and that of McLeod Russel ended on an upper circuit of 5% at Rs. 13.2 per share.