Emami Ltd promoters sell 10 percent stake to cut debt
Emami Group promoters sold 10 percent of their stake in Emami Limited to raise around Rs 1,600 crore ($224.2 million) which will help the firm cut its debt. The promoter’s stake in Emami Ltd has now come down to 62.74 percent from 72.74 percent.
The stake was purchased by companies like SBI Mutual Fund, PremjiInvest, Amundi, IDFC, L&T Mutual Fund, and others.
Commenting on the divestment, Mohan Goenka director of Emami Limited in a statement said: "We have concluded a stake sale which will ease the liquidity position of the promoter group and reduce the debt. We are committed to maintaining our significant majority stake in the company and do not anticipate any further dilution of stake in the foreseeable future.”
Aditya Agarwal, director Emami Group added, “We are confident about the growth prospects of the Emami Group and we remain steadfast in working towards the best interests of all our stakeholders.”
Emami Limited had witnessed a 6 percent slump in profit to Rs 138 crore ($19.4 million) for the third quarter ended December 2018 with revenue of Rs 816 crore.
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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