IndusInd bank acquires 7% stake in McLeod Russel & Eveready Industries
Date: 2020-08-10   Author: Saipriya Iyer  Category: #news

IndusInd bank acquires 7% stake in McLeod Russel & Eveready Industries

IndusInd bank has reportedly acquired more than a 7% stake in McLeod Russel India and Eveready Industries India by invoking the pledged shares. This Indian commercial bank, which has been offering transactional, commercial, and electronic banking services and products, has invoked pledge on the equity shares of over 56.83 lakh (5.6 million) of Eveready Industries to acquire a 7.82% stake.

According to the company’s statement, Eveready Industries’ equity shares held by Williamson Magor & Co Ltd have been pledged with the bank for securing the outstanding dues of the borrower company, Seajuli Developers & Finance Ltd. The bank had previously invoked the pledge for recovering the dues from Seajuli.

Under the brand name of ‘Eveready’, the company has been marketing and manufacturing batteries, packet tea, as well as flashlights in the market. The pledge on over 78.32 crore (783.2 million) equity shares of the company has been invoked by the bank to recover its dues from Seajuli. McLeod Russel India’s shares held by Williamson Magor & Co Ltd have been previously pledged with the Indian commercial bank to secure the outstanding dues of the borrower company, Seajuli Developers & Finance Limited. Seajuli has been classified as the non-govt. company and reregistered at the Registrar of Companies, Kolkata.

Moreover, the bank has acquired a paid-up equity share capital of over 7.50% of the company, by invoking its shares. For the record, McLeod Russel India has been engaged in the manufacturing and cultivation of tea in India. The company’s tea has been considerably sold in the domestic and international markets. It is also a part of the world’s largest quality tea producer, Williamson Magor Group. This renowned tea company has 6 tea estates in Uganda, 3 estates in Vietnam, 2 estates in West Bengal’s Dooars region, and 31 estates in Assam.

Source credit:

https://www.india.com/business/indusind-bank-picks-stake-in-eveready-mcleod-russel-4106859/



About Author


Saipriya Iyer

Saipriya Iyer

Saipriya Iyer currently works as a content developer for AlgosOnline. A computer engineer by profession, she ventured into the field of writing for the love of playing with words. Having had a previous experience of 3 years under her belt, she has dabbled with website...

Read More

More from Saipriya


Post Recommendents

Facebook claims its EU operations to be at risk due to inquest
Author: Pankaj Singh

Facebook voiced to Ireland’s High Court that it is not sure how it could operate its services in the European Union if the supervisors restrict its data transfer mechanism. The EU regulator of Facebook, the Irish...


ICT Investment Trends in Telco/Service Market 2020 Global Analysis, Trends, Forecast up to 2025
Author: Ashwin Naphade

The ' ICT Investment Trends in Telco/Service market' research added by Market Study Report, LLC, offers a comprehensive analysis of growth trends prevailing in the global business domain. This report also provides definitive data concernin...


Healthcare Supply Chain Managements Market to Grow at a Stayed CAGR from 2020 to 2025
Author: Ashwin Naphade

The ' Healthcare Supply Chain Managements market' research report added by Market Study Report, LLC, is a thorough analysis of the latest trends prevalent in this business. The report also dispenses valuable statistics about market size, p...