Emami Group promoters divest 10% stake for Rs 1,230 cr

Chennai: Emami Group promoters have undertaken a stake sale 10 per cent in Emami Limited for raising Rs 1,230 crore.

A release from the firm said the amount is intended to be used primarily for further reducing debt at the promoter level.

The total promoter stake in Emami Limited subsequent to the stake sale, stands at a controlling majority of 52.74 per cent. The promoters intend to maintain this controlling majority stake in Emami Limited without further diluting it, the release added.

“With a view to further reduce the debt and reap the benefits of such investments for the benefit of Emami Group, the process of identification for divestment of such assets has been initiated,” said the firm.

The above steps are being endeavoured to pare the debt of the Emami Group in six to eight months time, it added.

“The promoters are committed towards being proactive in addressing business and industry challenges and working in the best interests of all Emami Group stakeholders; the stake sale and asset identification activity are examples of steps towards this commitment,” Director, Emami Group, Mohan Goenka, said.

NT Bureau