Promoters of Emami Group divest 10% stake in Emami to raise Rs 1600 cr

The promoters of Emami Group announced a sale of 10% stake in Emami , raising approximately Rs 1600 crore. The transaction was executed on the stock exchange on 18 February 2019 and the purchasers included SBI Mutual Fund, PremjiInvest, Amundi, IDFC, L&T Mutual Fund and others. The stake sale proceeds will reduce promoter debt which was used in creation of assets like Cement, Solar Power etc. Pursuant to the stake sale, the promoter holding in Emami will stand at 62.74%.

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