On Monday, FMCG firm Emami said its promoters have sold additional stake proportion to 10 per cent in the company for Rs 1,230 crores. This was significantly done to reduce its debt.
“The above steps are being endeavoured with a strong resolve to pare the debt of the Emami Group in six to eight months time,” Emami said. It added, to marquee institutional investors, the stake sale has occurred on the floor of the stock exchange.
Earlier, Emami’s promoters have already offloaded 10 per cent stake in the firm for Rs 1,600 crores.
Proportionally, promoters’ stake has in Emami has reduced to 52.73 per cent after divesting 4.54 crore shares, with the recent selling of shares. Further, this amount is intended to be used for reducing the debt of the promoters.