Emami soars 12% after promoters set timeline to reduce debt

The stock has been under pressure in the past month, falling 26 per cent on a disappointing set of financial numbers for March quarter. In comparison, the S&P BSE Sensex was down 0.8

Emami shares rose 12 per cent to Rs 299 per share on the BSE on Tuesday after the company said its promoters intended to maintain their controlling stake in the company and not dilute it further. The promoters have also set a timeline of 6-8 months to bring down the debt.

"The promoters of Emami Group have more than adequate pool of diverse assets of value. With a view to further reduce the debt and reap benefits of such investments, the process of identification for divestment of such assets has been initiated," Emami said in a press release.

On Monday,