The IndusInd bank is a well-known new generation bank in India. They offer certain commercial, transactional, and electronic banking products and services to their customers. Apart from that, they are also a preferred banking partner for various Government entities, PSUs, and large corporates.
They are very much committed to providing accurate & credible information on the Group’s operational performance and financial data to all the investors in a timely & transparent manner. They were engaged in Customer-responsive, striving at all times to collaborate with clients in providing solutions for their banking needs.
On Saturday, the private sector bank IndusInd announced that they have acquired a 7.82 percent stake of Eveready Industries India Limited (EIIL), the manufacturer of market batteries, flashlight cases, arc carbons, etc by invoking pledged shares following a loan default. The IndusInd bank invoked pledge on 56,83,320 shares forming 7.82 percent of paid-up equity share capital of Eveready Industries.
During their regulatory filing, IndusInd bank said that the equity shares of Eveready Industries India Ltd (EIIL) was held by Williamson Magor and Co. Ltd and pledged with the bank for securing the outstanding dues of Seajuli Developers & Finance Limited (Seajuli), the borrower company then the bank has invoked the pledge held on aforesaid shares for recovery of its dues from Seajuli.
The IndusInd bank also informed about acquiring 7.5 percent (78,32,253 shares) in a firm called McLeod Russel India Ltd by invoking their pledged shares following default by the borrower. McLeod Russel India is a tea company, which is one of the world’s largest companies. This is part of the Williamson Magor Group. So, It clearly depicts that the equity shares of McLeod Russel India Ltd, which was held by Williamson Magor and Co. Ltd. They were pledged it with the bank for securing the outstanding dues of Seajuli Developers & Finance Limited.
On Friday the Shares of Eveready Industries ended its trading session with gains of 4% at Rs 145.5, while those of IndusInd Bank ended 2.6% higher at Rs 507.9 respectively whereas the Shares of McLeod Russel ended on an upper circuit of 5% at Rs 13.2 per share.
