Emami shares zoom nearly 15% as promoters sell stake in flagship firm for around Rs 1,600 crore

Emami 's shares advanced 14.80 percent to close at Rs 407.60 on BSE. During the day, it jumped 17.64 percent to Rs 417.70

Press Trust of India February 19, 2019 17:14:30 IST
Emami shares zoom nearly 15% as promoters sell stake in flagship firm for around Rs 1,600 crore
  • At NSE, Emami's shares zoomed 12.58 percent to close at Rs 407.50

  • On the traded volume front, 12.16 lakh shares were traded on BSE, while over 80 lakh on NSE

  • The stake sale proceeds will be used to pare promoter debt which was used in the creation of assets like cement and others

New Delhi: Shares of Emami Ltd zoomed nearly 15 percent Tuesday after the group said its promoters have sold 10 percent stake in the flagship firm for around Rs 1,600 crore.

The company's shares advanced 14.80 percent to close at Rs 407.60 on BSE. During the day, it jumped 17.64 percent to Rs 417.70.

At NSE, shares zoomed 12.58 percent to close at Rs 407.50.

On the traded volume front, 12.16 lakh shares were traded on BSE, while over 80 lakh on NSE.

The transaction was executed on stock exchanges on Monday and the purchasers included SBI Mutual Fund, PremjiInvest, Amundi, IDFC, L&T Mutual Fund and others, the group said in a statement.

The stake sale proceeds will be used to pare promoter debt which was used in the creation of assets like cement and solar power among others, it added.

The conclusion of the stake sale will ease the liquidity position of the promoter group and reduce the debt, Emami Ltd Director Mohan Goenka said.

Updated Date:

also read

Ryan Reynolds, Samuel L Jackson film The Hitman’s Wife's Bodyguard moves up release to June
Entertainment

Ryan Reynolds, Samuel L Jackson film The Hitman’s Wife's Bodyguard moves up release to June

The Hitman’s Wife’s Bodyguard, also starring Salma Hayek and Antonio Banderas, is slated to release on 16 June instead of 20 August in US theatres.

Market Roundup: Sensex ends 84 pts higher after choppy day; check the top gainers and losers here
Business

Market Roundup: Sensex ends 84 pts higher after choppy day; check the top gainers and losers here

Domestic equities, despite trading positively for most of the session, gave up a large portion of gains towards the end of the day as concerns of rising COVID-19 cases continued to weigh on investor sentiment

Six more fully-inoculated staff from Lucknow's King George's Medical University test COVID-19 positive
India

Six more fully-inoculated staff from Lucknow's King George's Medical University test COVID-19 positive

In the past three days, 39 KGMU doctors have tested positive for COVID-19, including the vice-chancellor and medical superintendent who both received full doses of vaccine