Yes Bank acquires 9.47% stake in Eveready by invoking pledged shares

Mumbai: Private lender Yes Bank on Thursday said it has acquired 9.47 per cent stake in Eveready Industries.

The bank acquired these 68,80,149 shares on invocation of pledge subsequent to default of terms of credit facilities sanctioned by YES Bank to McLeod Russel India.

Eveready Industries and Mcleod Russel India are part of B M Khaitan Group companies.


On Wednesday, ratings agency Icra had downgraded the credit rating for Mcleod Russel’s long-term borrowing program of the company and also the short term rating, by many notches to default grade

Icra also said the ratings continue to remain on “Issuer Not Cooperating” category. Separately, Mcleod Russel resubmitted its revised statement on impact of audit qualifications along with annual audited financial results to the exchange.

Ahead of the announcement, shares of Yes Bank closed 3.6 per cent lower at Rs 96.25, after testing five-year lows in the day. Shares of Mcleod Russel closed 4.6 per cent lower, while shares of Eveready Industries closed 0.4 per cent higher.