Dues recovery: lnduslnd Bank acquires 4.79% in McLeod Russel by invoking pledged shares

In June, lnduslnd Bank had acquired 70,67,500 equity shares of McLeod, forming 6.77% of paid-up equity stock capital, by invoking pledged shares besides for betterment of its dues.

lnduslnd Bank connected Thursday said it has acquired a 4.79% involvement successful debt-laden beverage shaper McLeod Russel India by invoking pledged shares for betterment of its dues. In a banal speech filing, the slope said pursuant to invocation of pledge of shares, it acquired 50,00,000 equity shares of McLeod Russel, forming 4.79% of paid-up equity stock superior of the company, a portion of the financially-stressed Williamson Magor group.

“The equity shares of McLeod Russel India held by lchamati Investments were pledged with the slope for securing the outstanding dues of Mcleod Russel India (MRIL), the borrower company,” lnduslnd Bank said, adding it invoked pledged shares for betterment of its dues from MRIL, 1 of the world’s largest beverage producers.

In a alleviation to the Khaitans-controlled Williamson Magor group, the National Company Law Tribunal (NCLT) earlier this period gave its support to withdrawing of the firm insolvency solution process (CIRP) against McLeod aft its promoters had reached a colony with Techno Electric & Engineering, 1 of its fiscal creditors.

Earlier, the New Delhi seat of the NCLT, vide its bid dated August 6, admitted the insolvency exertion filed by Techno Electric nether Section 7 of the Insolvency and Bankruptcy Code. The fiscal creditor had filed the insolvency exertion aft McLeod had defaulted connected repayments of word loans of Rs 100 crore and involvement thereon.

In June, lnduslnd Bank had acquired 70,67,500 equity shares of McLeod, forming 6.77% of paid-up equity stock capital, by invoking pledged shares besides for betterment of its dues.

Besides IndusInd Bank, different fiscal creditors to the institution are: Indian Bank, Axis Bank, HDFC Bank, ICICI Bank, State Bank of India, UCO Bank, Punjab National Bank, Yes Bank, RBL Bank and Standard Chartered Bank, among others. Notably, the promoter shareholding successful McLeod astatine the extremity of the archetypal 4th this fiscal stood astatine 10.07%.