Current Affairs - Banking - Discussion

Mumbai based Private sector lender, YES Bank has acquired a 9.47% stake in dry cell battery maker, Eveready Industries India by invoking shares pledged by McLeod Russel.The acquisition comes after the Indian tea company, McLeod Russel defaulted on repayment of credit facilities extended by the Yes bank. McLeod's debt is about Rs.1,800 - 2,000 crore.The bank acquired 68,80,149 equity shares having a nominal value of Rs 5 per share constituting 9.47% of the post-issue paid-up share capital.