lnduslnd Financial institution on Thursday mentioned it has acquired a 4.79% stake in debt-laden tea maker McLeod Russel India by invoking pledged shares for restoration of its dues. In a inventory change submitting, the financial institution mentioned pursuant to invocation of pledge of shares, it acquired 50,00,000 fairness shares of McLeod Russel, forming 4.79% of paid-up fairness share capital of the corporate, part of the financially-stressed Williamson Magor group.
“The equity shares of McLeod Russel India held by lchamati Investments were pledged with the bank for securing the outstanding dues of Mcleod Russel India (MRIL), the borrower company,” lnduslnd Financial institution mentioned, including it invoked pledged shares for restoration of its dues from MRIL, one of many world’s largest tea producers.
In a reduction to the Khaitans-controlled Williamson Magor group, the Nationwide Firm Legislation Tribunal (NCLT) earlier this month gave its approval to withdrawing of the company insolvency decision course of (CIRP) towards McLeod after its promoters had reached a settlement with Techno Electrical & Engineering, one in every of its monetary collectors.
Earlier, the New Delhi bench of the NCLT, vide its order dated August 6, admitted the insolvency utility filed by Techno Electrical beneath Part 7 of the Insolvency and Chapter Code. The monetary creditor had filed the insolvency utility after McLeod had defaulted on repayments of time period loans of Rs 100 crore and curiosity thereon.
In June, lnduslnd Financial institution had acquired 70,67,500 fairness shares of McLeod, forming 6.77% of paid-up fairness share capital, by invoking pledged shares additionally for restoration of its dues.
In addition to IndusInd Bank, different monetary collectors to the corporate are: Indian Bank, Axis Bank, HDFC Bank, ICICI Bank, State Bank of India, UCO Bank, Punjab National Bank, Yes Bank, RBL Bank and Normal Chartered Financial institution, amongst others. Notably, the promoter shareholding in McLeod on the finish of the primary quarter this fiscal stood at 10.07%.