McLeod Russel hits 52-week low as lenders start invoking pledge

In a regulatory filing with BSE, McLeod said during June 10-11, 3,800,000 shares of the company, representing 3.64% of the company's share capital has been invoked against a total loan of Rs 400 cr

Shares of McLeod Russel tumbled on the bourses to a 52-week low of Rs 24.25 apiece after Vistra ITCL, a debenture and security trustee, invoked 3.64 per cent of the shares, the Williamson Magor Group (WMG) company had pledged with it.

In a regulatory filing with the BSE, McLeod said during June 10-11, 38,00,000 shares of the company, representing 3.64 per cent of the company’s share capital has been invoked against a total loan of Rs 400 crore. These loans were issued to Williamson Magor & Co, Williamson Financial Services and Babcock Borsig Ltd – all of which belong to the