 "Emami")
The promoters of Emami Group have sold 10 per cent of their stake in Emami for around Rs 1,230 crore, which will partially bring down promoter-level debt.
The stake sale was executed on the floor of the stock exchange on Monday at Rs 271 a share to institutional investors.
Mohan Goenka, director, Emami Group, said the stake sale would bring down the promoter-level debt from Rs 3,300 crore to Rs 2,200 crore. After repaying the debt, the pledged shares would come down from 47-48 per cent to 37 per cent.
However, the promoters are looking at bringing down the debt
