Promoter group Khaitan family's stake in Eveready Industries has slipped below 10 percent after IndusInd Bank acquired stake by invoking pledged shares.
Shares of IndusInd Bank rose nearly 2 percent while those of Eveready Industries hit a fresh 52-week high of Rs 157.60, jumping 8 percent in morning trade on BSE on August 10.
IndusInd Bank, on August 8, said it had acquired a 7.82 percent stake in battery maker Eveready Industries by invoking pledged shares following a loan default.
The bank invoked pledge on 56,83,320 shares forming 7.82 percent of the paid-up equity share capital of Eveready Industries.
Read more: IndusInd Bank acquires 7.82% stake in Eveready by invoking pledged shares
Promoter group Khaitan family's stake in Eveready Industries has slipped below 10 percent after IndusInd Bank acquired stake by invoking pledged shares.
IndusInd Bank also informed about acquiring 7.5 percent (78,32,253 shares) in tea firm McLeod Russel India Ltd by invoking pledged shares following default by the borrower.
Shares of IndusInd Bank traded 1.21 percent up at Rs 515.25 while shares of Eveready Industries were 3.80 percent up at Rs 151.50 on BSE around 10:40 hours.