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/