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Promoters divest 10% stake in Emami Ltd for Rs 1,230 cr

Promoters divest 10% stake in Emami Ltd for Rs 1,230 cr

Sentinel Digital DeskBy : Sentinel Digital Desk

  |  25 Jun 2019 10:58 AM GMT

Kolkata: The promoters of Emami Group have undertaken a stake sale of 10 per cent in Emami Ltd, raising about Rs 1,230 crore, which will be used to reduce debt. Subsequent to the stake sale, the total promoter stake in Emami Ltd stands at a controlling majority of 52.74 per cent.

“This amount is intended to be used primarily for further reducing debt at the promoter level. The stake sale occurred on the floor of the stock exchange to marquee institutional investors,” the group said in a statement. The promoters intend to “maintain this controlling majority stake in the group’s flagship company without further diluting it”.

On the stake sale and value realisation efforts, the Group’s Director Mohan Goenka: “The promoters are committed towards being proactive in addressing business and industry challenges and working in the best interests of all stake-holders. The stake sale and asset identification activity are examples of steps towards this commitment.” (IANS)

Also Read: Emami net profit down by 6% in Q3

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