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Home INTERNATIONAL IndusInd Bank acquires 7.82% stake in Eveready by invoking pledged shares

IndusInd Bank acquires 7.82% stake in Eveready by invoking pledged shares

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Non-public sector IndusInd Bank on Saturday claimed it has acquired 7.82 per cent stake in battery maker Eveready Industries by invoking pledged shares following mortgage default.&#13
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The bank invoked pledge on 56,83,320 shares forming 7.82 for each cent of paid-up equity share capital of Eveready Industries.&#13
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“The equity shares of Eveready Industries India Ltd. held by Williamson Magor and Co. Ltd had been pledged with the bank for securing the fantastic dues of Seajuli Developers & Finance Limited (Seajuli), the borrower organization. The bank has invoked the pledge held on aforesaid shares for restoration of its dues from Seajuli,” IndusInd Bank stated in a regulatory filing.&#13
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The bank also educated about obtaining 7.5 per cent (78,32,253 shares) in tea firm McLeod Russel India Ltd by invoking pledged shares adhering to default by the borrower.&#13
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“The equity shares of McLeod Russel India Ltd. held by Williamson Magor and Co. Ltd. were being pledged with the bank for securing the exceptional dues of Seajuli Builders & Finance Minimal (Seajuli), the borrower business. The bank has invoked the pledge held on the aforesaid shares for restoration of its dues from Seajuli,” it mentioned.&#13

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