IndusInd Bank<\/a> on Tuesday said it has sold 4.5% and 4.18% of invoked shares of battery manufacturer Eveready Industries and tea maker McLeod Russel, respectively. Eveready and McLeod Russel are group companies of financially stressed Williamson Magor group.<\/p>\nAfter selling 32,71,608 equity shares of Eveready Industries and 55,00,000 equity shares of McLeod Russel on Monday, IndusInd Bank now holds 24,11,712 equity shares, comprising 3.32% of paid-up equity capital of the battery manufacturer, and 23,32,253 equity shares, comprising 2.23% of paid-up equity capital of tea maker, the lender said in a stock exchange filing.<\/p>\n
Notably, the Pune-based bank on August 7 acquired 56,83,320 shares, forming 7.82% of paid-up equity share capital, of Eveready Industries and 78,32,253 equity shares, forming 7.5% of paid-up equity share capital, of McLeod Russel pursuant to the invocation of pledged shares.<\/p>\n
IndusInd Bank said the shares of Eveready Industries and McLeodRussel held by Williamson Magor and Co were pledged with the bank for securing the outstanding dues of Seajuli Developers & Finance (Seajuli), the borrower company. The bank invoked the pledged shares for recovery of its dues from Seajuli.<\/p>\n
The Burman family, which is the promoters of Dabur, is currently the single largest shareholder of Eveready Industries as promoters\u2019 shareholding falls below 10% in the company. The Khaitans are the promoters of Eveready and McLeod.<\/p>\n
In the last month, the Burman family had acquired around 8.48% additional equity stake in Eveready from open market operations, taking its holding in the company to 19.84%.<\/p>\n
Commenting on the share purchase, Mohit Burman, vice chairman, Dabur India<\/a>, had said, \u201cThis is a portfolio investment by the Burman family. It\u2019s a personal investment and is not connected with Dabur India Ltd.\u201d<\/p>\nInterestingly, if the 4.5% shares of Eveready Industries, sold by IndusInd Bank, go to the Burman family, then their holding in the battery maker could nearly touch the open offer level.<\/p>\n
\u201cWe are ready to evaluate purchase for any additional shares including from the IndusInd Bank. But, our headroom is about four per cent. We will keep our holding below 25%,\u201d Burman reportedly said on Sunday. He also indicated that the family did not have plans for any hostile management takeover bid.<\/p>\n
On Tuesday, Eveready\u2019s scrip fell 0.40% to end the day at Rs 148.70 on the Bombay Stock Exchange, while IndusInd Bank\u2019s scrip rose 2.45% at Rs 521.85.<\/p>\n
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