Page 2 - Mcleod Russel India

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McLeod Russel signs ICA with its banking lenders for debt resolution

Plan will have a mix of capital infusion by promoters and recast of balance debt. McLeod owes banks Rs 1,800 cr; with unpaid interest, the total is about Rs 2,300 cr

IndusInd Bank invokes pledge on Ichamati's 5 mn shares in Mcleod Russel

Private sector IndusInd Bank on Wednesday said it has acquired a 4.79 per cent stake in embattled tea plantation firm McLeod Russel India by invoking 5 mn pledged shares of the company

McLeod Russel steps out of insolvency after settlement with creditor

Sources say offer has been made to P P Gupta of Techno Electric for a minority stake in the firm, who could chip in to help McLeod promoters bring in equity as per debt resolution

McLeod Russel promoters seek to settle with Techno as way out of insolvency

Sources say talks between the two parties are on, finer details of a settlement being worked out; top brass of both sides refuse to comment

NCLT admits application for initiating CIRP against McLeod Russel

Once the world's largest tea producer, McLeod Russel, part of the Brij Mohan Khaitan group company, is now India's largest with about 31 estates

IndusInd Bank acquires 7.82% stake in Eveready by invoking pledged shares

The bank invoked pledge on 56,83,320 shares forming 7.82 per cent of paid-up equity share capital of Eveready Industries

McLeod Russel defaults at Rs 1,187 cr; to sell tea estates to pare debt

This is the first time the financially stressed McLeod has made public the total payment it has defaulted with the lenders under this new regulation

Delhi High Court restrains Eveready, McLeod Russel from sale of assets

Another estate sale in Assam is underway for a consideration of Rs 28.15 crore. However, following the court's stay, this transaction is being put on hold.

Relief for Eveready, McLeod Russel as Calcutta HC lifts stay on asset sale

The earlier injunction preventing such sales and was impairing the firms' ability to pay off their lenders outside the scope of NCLT

Lenders take forward their resolution plan for McLeod Russel outside NCLT

Led by ICICI Bank, the largest lender, they have asked LSI Financial Services to do a feasibility study on the health gardens and the firm's EBITDA prospects

Eveready not under stress, working to revive profitability: Khaitan

Eveready managing director, Amritanshu Khaitan did not confirm a deal with Duracell but said that the company continues to look at opportunities and discuss various joint ventures or strategic tie-ups

Eveready's plan to sell battery business to pare debt tied in legal knots

Battery division sell-off may be delayed

Shareholders defeat all four of McLeod Russel's special resolutions

After the AGM move, the tea company may be forced to change the restructuring plan

Aditya Khaitan takes over McLeod Russel as the new chairman

The development comes at a time when McLeod Russel has been selling its tea assets in India and Africa to pare debt

McLeod Russel offloads stake to reduce debt burden of Rs 791 cr

Taking advantage of the ongoing rally in tea stocks, McLeod Russel, the world's largest tea producer, offloaded 9.14 per cent of its stakes in the open market raising over Rs. 200 crore in a day's trade. The money raised thus, will be used to reduce its current debt burden of Rs. 790.67 crore.The company promoters, comprising the Khaitan family and its associated investment and financial arms held 49.89 per cent stake in the company as on September 31, 2017. Of the promoters shareholding, the Borelli Tea Holdings Limited (BTHL), one of the subsidiary companies of McLeod Russel accounted for 24.73 per cent of the promoters stake. Kamal Kishore Baheti, director at McLeod Russel held those shares in his capacity as the trustee of BTHL. On Thursday, as tea stocks rallied past eight per cent in intra-day trade, the company decided to offload 1,00,00,000 shares of BTHL out of its total stakeholding of 2,70,67,500 shares. Asked about the reason for the move, Baheti told Business Standard, ...

McLeod Russel India rebounds 14% from intra-day low; hits new 52-week high

The stock moved higher to its fresh 52-week high of Rs 233, up 6%, bouncing back 14% from early morning low of Rs 205