Emami surges 15% after promoters sell 10% stake to pare debt

The stock surged 15 per cent to Rs 407 on the BSE after the promoters of the personal products company divested 10 per cent stake in the company for Rs 1,600 crore to reduce the debt.

Shares of Emami surged 15 per cent to Rs 407 apiece on the BSE after the promoters of the personal products company divested 10 per cent stake in the company for Rs 1,600 crore to reduce the debt. The sale was executed in the stock exchanges on Monday and was sold to SBI Mutual Fund, Premji Invest, Amundi, IDFC, L&T Mutual Fund and others.

“The promoters of Emami Group announced a sale of 10 per cent stake in Emami, raising approximately Rs 1,600 crore. The transaction was executed on the stock exchange today and the purchasers included SBI Mutual