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.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)