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

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Private sector on Saturday said it has acquired 7.82 per cent stake in battery maker by invoking pledged shares following loan default.


The bank invoked pledge on 56,83,320 shares forming 7.82 per cent of paid-up equity share capital of



“The equity shares of 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,” said in a regulatory filing.


The bank also informed about acquiring 7.5 per cent (78,32,253 shares) in tea firm Ltd by invoking pledged shares following default by the borrower.


“The equity shares of 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 the aforesaid shares for recovery of its dues from Seajuli,” it said.

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