Emami promoters sell 10% stake to pare Group debt, pledged shares

The sale was executed in the stock exchanges on Monday and were sold to SBI Mutual Fund, Premji Invest, Amundi, IDFC, L&T Mutual Fund and others

The Agarwal and Goenka families - promoters in Emami Ltd - have sold 10 per cent of their stakes for Rs. 1,600 crore to pare the debts of other Group companies like Emami Cement, Emami Power and others. The sale effectively brings down the promoters’ holding in Emami Ltd from 72.74 per cent to 62.74 per cent.

The sale was executed in the stock exchanges on Monday and the stakes were sold to SBI Mutual Fund, Premji Invest, Amundi, IDFC, L&T Mutual Fund and others.

It is expected that paring debts of the Group will help reduce the pledged shares