IndusInd Bank acquires 4.79% of Mcleod Russel by invoking pledged shares to recover dues

The Equity Shares of McLeod Russel held by Ichamati Investments were pledged with the Bank for securing the outstanding dues of Mcleod, the Borrower Company.

Sep 24, 2021 03:09 IST India Infoline News Service

IndusInd Bank has announced the acquisition of 50 lakh equity shares of Mcleod Russel India. The shares represent a 4.79% stake in the debt-laden Mcleod.

As per the regulatory filing, the Equity Shares of McLeod Russel held by Ichamati Investments were pledged with the Bank for securing the outstanding dues of Mcleod, the Borrower Company.

The Bank has invoked the pledge held on the aforesaid shares for recovery of its dues from MRIL. 

Mcleod is engaged in the cultivation & manufacturing of tea and has thirty-one tea estates in the Assam Valley and two in the Dooars region of West Bengal, three factories in Vietnam and six estates in Uganda.


On Sensex, IndusInd closed at Rs1158.75 per piece down 0.9%. The stock had touched a new 52-week high of Rs1189 per piece earlier today, however, pulled back from its record levels during the second half. 

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