Private sector lender Yes Bank Thursday said it has acquired over 9% shares of battery maker Eveready by invoking pledged shares following loan default by a group company. "Yes Bank, pursuant to invocation of pledge of shares, acquired 68,80,149 equity shares... constituting 9.47% of the post-issue paid-up share capital as at July 3, 2019, of Eveready Industries India Ltd," Yes Bank said in a regulatory filing. The lender said it has acquired shares of Eveready on invocation of pledge subsequent to default/breach of terms of credit facilities sanctioned by Yes Bank to the group company Mcleod Russel India Ltd (the borrower). Eveready and Mcleod - which is engaged in the tea business - belong to the B M Khaitan group. Eveready in 2017 had announced a 50:50 JV with its group company McLeod Russel to manage the packet tea through a SPV - Greendale India Ltd.

Source: Mint July 04, 2019 13:28 UTC