Emami Ltd promoters sell 10 percent stake for Rs 1,230 crore
The promoters of personal care company Emami Ltd have sold 10 percent of their stake in the company to raise around Rs 1,230 crore ($177.3 million) to further reduce the debt of the company.
The promoters had earlier sold 10 percent of their stake in Emami Limited for Rs 1,600 crore to companies like SBI Mutual Fund, PremjiInvest, Amundi, IDFC, L&T Mutual Fund, and others.
With the latest stake sale, the promoter’s share in Emami Ltd has now come down to 52.74 percent from 62.74 percent. The stake sale occurred on the floor of the stock exchange to marquee institutional investors.
Commenting on the stake sale, Emami Group director Mohan Goenka in a statement said, “The promoters are committed towards being proactive in addressing business and industry challenges and working in the best interests of all Emami Group stakeholders. The stake sale and asset identification activity are examples of steps towards this commitment.
Aditya Agarwal, director of the Emami Group added, "The deleveraging of debt is a priority for the promoters of Emami Group. We have always endeavored and continue to endeavor to take all such steps as may be necessary to fuel the future growth of the Emami Group.
Founded in 1974, Emami Limited is one of the leading personal and healthcare businesses in India, with a portfolio of over 300 products.
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