Promoters sell 10% stake in Emami for Rs 1,230 cr to reduce their debt

Homegrown FMCG firm Emami Monday said its promoters have sold an additional 10 percent stake in the company for Rs 1,230 crore, to reduce their debt

Press Trust of India June 24, 2019 17:11:17 IST
Promoters sell 10% stake in Emami for Rs 1,230 cr to reduce their debt
  • In February, the promoters offloaded 10 percent stake in the firm for Rs 1,600 crore

  • With the recent selling of shares, promoters' stake in Emami has come down to 52.73 percent after divesting 4.54 crore shares

  • The stake sale occurred on the floor of the stock exchange to marquee institutional investors, Emami said

New Delhi: Homegrown FMCG firm Emami Monday said its promoters have sold an additional 10 percent stake in the company for Rs 1,230 crore, to reduce their debt.

In February, the promoters offloaded 10 percent stake in the firm for Rs 1,600 crore.

With the recent selling of shares, promoters' stake in Emami has come down to 52.73 percent after divesting 4.54 crore shares.

According to the company, this amount is intended to be used for further reducing the debt of the promoters.

Promoters sell 10 stake in Emami for Rs 1230 cr to reduce their debt

Representational image. Reuters.

The stake sale occurred on the floor of the stock exchange to marquee institutional investors, Emami said in a statement.

"The above steps are being endeavoured with a strong resolve to pare the debt of the Emami Group in 6 to 8 months time," it said.

Prior to this divestment, promotor group's shareholding in Emami was 62.74 percent.

The promoters intend to maintain this controlling majority stake in Emami without further diluting it, it said.

"The deleveraging of debt is a priority for the promoters of Emami Group. We have always endeavoured and continue to endeavour to take all such steps as may be necessary to fuel the future growth of Emami Group," Emami Group Director Aditya Agarwal said.

Director Mohan Goenka said promoters are committed towards being proactive in addressing business and industry challenges and working in the best interests of all Emami Group stakeholders.

Updated Date:

Find latest and upcoming tech gadgets online on Tech2 Gadgets. Get technology news, gadgets reviews & ratings. Popular gadgets including laptop, tablet and mobile specifications, features, prices, comparison.

also read

Kotak Mahindra Bank case to come up for hearing amid clamour for change in ownership rules
Business

Kotak Mahindra Bank case to come up for hearing amid clamour for change in ownership rules

Kotak Mahindra Bank's case against an RBI decision on promoter stake dilution is likely to come up for hearing before the Bombay High Court on Thursday amid a growing clamour for a review of the central bank's ownership guidelines for home-grown private sector lenders

Coronavirus Outbreak: Nivea India starts manufacturing hand sanitisers; to be distributed free of cost
Business

Coronavirus Outbreak: Nivea India starts manufacturing hand sanitisers; to be distributed free of cost

The hand sanitisers will be distributed free of cost to the public hospitals and healthcare institutions in Ahmedabad and Vadodara as well as to distribution partners across the country.

Bombay HC refuses relief for Kotak Mahindra Bank on deadline extension for promoter stake dilution
Business

Bombay HC refuses relief for Kotak Mahindra Bank on deadline extension for promoter stake dilution

The Bombay High Court on Monday refused to grant stay on private sector lender Kotak Mahindra Bank's plea for extension of the RBI's 31 December deadline for promoter stake dilution.