Money & Banking

YES Bank sells 9.47 per cent stake in Eveready Industries

Our Bureau Mumbai | Updated on February 13, 2020 Published on February 13, 2020

File photo   -  REUTERS

Private sector lender YES Bank has sold a 9.47 per cent stake in Eveready Industries. The lender had, in July last year, picked up a 9.47 per cent stake in Eveready Industries by invoking pledged shares of group company, McLeod Russel India Ltd. McLeod had defaulted on repayment of credit facilities extended by the bank.

Going by Thursday’s closing share price of Eveready Industries at ₹64 apiece, the transaction would have netted YES Bank about ₹44 crore, although the lender did not disclose the pricing of the share sale. “We would like to inform that YES Bank has sold 68,80,149 equity shares having nominal value of ₹5 each, constituting 9.47 per cent of the paid-up share capital of Eveready Industries in various tranches, last being on February 13, resulting in a change in holding of the bank by more than two per cent of the total shareholding of Eveready,” it said in a regulatory filing on Thursday.

Eveready and Mcleod, which are engaged in the tea business, belong to the BM Khaitan Group. The board of directors of Eveready is set to meet on Friday to finalise its Q3 results.

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Published on February 13, 2020
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