IndusInd Bank acquires over 70 lakh shares in Mcleod Russel

The private sector IndusInd Bank acquired more than 70 lakh shares of the automobile company Mcleod Russel after issuing the company’s promised shares to recover the membership fee.
“The bank has acquired 70,67,500 weeks of shares in McLeod Russel India Ltd in response to a request for equity collateral on June 24, 2021,” IndusInd Bank said in a regulatory statement on Friday. The
shares of the car company owned by Ichamati Investments Ltd have been promised to the bank to secure the unpaid membership fees of the borrower Mcleod Russel India Ltd (MRIL).
Ichamati Investments Ltd holds a 16.39% stake in Mcleod Russel as a promoter by the end of March 2021 based on BSE data. The
bank has issued a shareholding pledge to recover membership fees at MRIL, revealing documents.
In August of last year, the lender acquired 7.5% (78,32,253 shares) of Mark Cloud Russell India Inc. by calling pledged shares following default by the loan.
Marcloud Russell’s net worth as of March 31, 2021 was Rs 1,619, and his turnover was Rs 1,111.87.
The Kolkata-based company reported a consolidated net loss of 52.39 rupees for the fiscal year ended March 2021. It cut from a 20-year net loss of 147.79 rupees.
shares of Indus Bank of India closed 1.11% higher at Rs 1012.70 per share on BSE. Ma Cloud Russell fell 4.97 percent to 33.45 rupees per script.

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