- Nikhil Siddhartha's Winning Streak Continues: First Look of His 20th Film Unveiling Today
- Hyderabad: Traffic restrictions imposed amid Telangana Formation Day on Friday
- PL Sector Report - Agro Chemicals - Sector Update – Global agrochemicals - Weak quarter; bleak near term outlook
- Dulquer Salmaan and Rana Daggubati Collaborate for a Telugu-Tamil Bilingual Film?
- Online Food Delivery Platforms’ Profitability Focus Evident during IPL 2023, with modest 7% spike in business: Redseer Strategy Consultants
- PM Modi Criticized Congress During A Rally In Rajasthan
- Today's Top 5 Telangana News Updates 01-06-2023
- Telangana: Fire breaks out at a hospital in Banswada
- Today's Top 5 Hyderabad News Updates 01-06-2023
- Nothing Phone (2): Company reveals the display, battery, and chipset
IndusInd bank picks stake in Eveready, McLeod Russel
IndusInd bank has acquired more than 7 per cent stake in both Eveready Industries India and McLeod Russel India by invoking pledged shares.
New Delhi: IndusInd bank has acquired more than 7 per cent stake in both Eveready Industries India and McLeod Russel India by invoking pledged shares.
The bank invoked pledge on more than 56.83 lakh equity shares of Eveready Industries to pick up 7.82 per cent stake in the battery maker.
"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 company is in the business of manufacturing and marketing of batteries, flashlights and packet tea under the brand name of "Eveready".
The bank also invoked the pledge on more than 78.32 crore equity shares for recovery of its dues from Seajuli. The shares of McLeod Russel India held by Williamson Magor and Co Ltd were pledged with the bank for securing the outstanding dues of Seajuli Developers & Finance Limited, the borrower company.
IndusInd Bank has acquired 7.50 per cent paid-up equity share capital of the company by invoking shares.
McLeod Russel India is engaged in cultivation and manufacturing of tea. The tea produced is sold in domestic as well as international markets and is part of the Williamson Magor Group. It has 31 tea estates in Assam and two in the Dooars region of West Bengal, three estates in Vietnam and six in Uganda.