Yes Bank acquires 9.47 pc stake in Eveready on loan default by group company

Yes Bank has acquired 9.47 per cent shares of battery maker Eveready by invoking pledged shares owing to a loan default by group company McLeod Russel.

"Yes Bank, pursuant to invocation of pledge of shares, acquired 6,880,149 equity shares constituting 9.47 per cent of the post-issue paid-up share capital of Eveready Industries India Ltd," it said in a statement. The breach of terms of credit facilities sanctioned by Yes Bank led to the action.

Eveready had announced a 50:50 joint venture with its group company McLeod Russel in 2017 to manage the packed tea business through a special purpose vehicle called Greendale India Ltd.

Recently, Eveready's auditor Price Waterhouse & Co Chartered Accountants LLP also quit from its services stating that it was unable to obtain sufficient audit evidence of inter-company deposits and its recovery.

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