On Saturday, Induslnd Bank said that it has acquired 7.82% stake in battery maker Eveready Industries by invoking pledged on 56,83,320 shares as loan default which is nearly about 7.82% of paid-up equity share capital of Eveready Ind.

Private Sector Induslnd Bank said in a regulatory filing on this acquisition that, “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.”

The bank has also informed about acquiring 7.5% around 78,32,253 shares in tea firm McLeod Russel India Ltd. by invoking pledged shares following default by the borrower. The Bank said, “The equity shares of McLeod Russel 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 the aforesaid shares for recovery of its dues from Seajuli.”

Induslnd Bank invoked the pledge for securing the outstanding dues of Seajuli Developers & Finance Limited (Seajuli), the borrowing company and has acquired 7.82% in Eveready Industries with 56,83,320 equity shares and 7.5% in McLeod Russel India Ltd. with 78,32,253 shares.