Yes Bank has acquired 9.47% stake in Eveready Industries by invoking pledged shares, the lender informed the exchanges.
The pledged shares were invoked since one of the group companies, McLeod Russel, defaulted.
“Shares have been acquired pursuant to invocation of pledge of shares of Eveready Industries India Limited subsequent to default/breach of terms of credit facilities sanctioned by Yes Bank to McLeod Russel India Limited which is a group company of BM Khaitan Group,” Yes Bank said.
Eveready Industries — a part of the BM Khaitan Group is engaged in FMCG segment with product portfolio comprising batteries, flash lights and lighting products, among others. It had a consolidated turnover of ₹1,541.86 crore in FY 2018-19 and ₹1,494.99 crore in FY 2017-18.