Kolkata-based Emami Group Monday said its promoters have sold 10 per cent stake in the flagship firm Emami Ltd for around Rs 1,600 crore. The transaction was executed on stock exchanges on Monday and the purchasers included SBI Mutual Fund, PremjiInvest, Amundi, IDFC, L&T Mutual Fund and others, the group said in a statement.
The stake sale proceeds will be used to pare promoter debt which was used in creation of assets like cement and solar power among others, it added. "Pursuant to the stake sale, the promoter holding in Emami Ltd will stand at 62.44 per cent," the statement said.
The conclusion of the stake sale will ease liquidity position of the promoter group and reduce the debt, Emami Ltd Director Mohan Goenka said. "We are committed to maintaining our significant majority stake in the company and do not anticipate any further dilution of stake in the foreseeable future," he added. Emami Group Director Aditya Agarwal said the promoters remained steadfast in working towards the best interests of all stakeholders of the group.
(With inputs from agencies.)