Categories: Business

IndusInd Bank acquires pledged 7.82 per cent shares of Eveready, Khaitan family stake reduced by 10%

Photo: BUSINESS STANDARD

Promoter group Khaitan family's stake in Eveready falls below 10 pc

new Delhi. Private sector IndusInd Bank said it has acquired 7.82 per cent of the pledged shares of battery maker Eveready Industries after defaulting in repayment of loan installments. The bank stated that it has acquired 56,83,320 shares of the company.

The bank has also informed about the acquisition of 7.5 percent i.e. 78,32,253 shares of tea maker McLeod Russel India Limited in case of another default. According to the stock market data, the promoter group Khaitan family's stake in the battery manufacturing company fell to less than 10 per cent after IndusInd Bank acquired nearly eight per cent stake in Eveready Industries as mortgaged shares.

The Williamson Magger Group, owned by the Khaitan family, is the promoter of Eveready Industries, while the Burman family is the largest public shareholder with a 20 percent stake. The Khaitan family had recently indicated that they are ready to jointly manage the company.

This post was published on August 10, 2020 10:46 am

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