Emami may sell land, non-core assets to bring down promoter pledging

Last month, the Emami Group completed divestment of its 100 per cent stake in Emami Cement to Nuvoco Corporation

Promoters of Emami may look at selling land parcels and non-core assets as part of their deleveraging plan. Promoter pledge in Emami has reduced to below 55 per cent, from a high of 90 per cent, after sale of its cement business. 

According to the shareholding pattern filed by Emami with the stock exchanges, as of August 14, 54.26 per cent of promoter holding was pledged. Emami’s borrowing against shares is around Rs 1,130 crore. Promoters expect pledged shares to come down to the 50 per cent-level shortly. The target is to bring it down further by March. 

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