Homegrown FMCG firm Emami said on Monday its promoters have sold 10 per cent stake in the company for Rs 1,230 crore to reduce their debt.
The stake sale occurred on the floor of the stock exchange to marquee institutional investors. The company said the divestment is intended to be used primarily for reducing debt at the promoter level.
In February, the promoters offloaded 10 per cent stake in the firm for Rs 1,600 crore.
The total promoter stake in Emami Ltd now stands at a controlling majority of 52.74 per cent. "The promoters intend to maintain this controlling majority stake in Emami Ltd without further diluting it," the company said in a statement.
These steps are being endeavoured with a strong resolve to pare the debt of the Emami Group in six to eight months of time.
"The promoters are committed to being proactive in addressing business and industry challenges. They are working in the best interests of all Emami Group stakeholders. The stake sale and asset identification activity are examples of steps towards this commitment," said Director Mohan Goenka.
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