Emami Group promoters divest 10% stake for Rs 1,230 crore to pare debt

Stake sale would bring down promoter level debt from Rs 3,300 crore to Rs 2,200 crore

The promoters of Emami Group have sold 10 per cent of their stake in Emami for around Rs 1,230 crore, which will partially bring down promoter-level debt.  

The stake sale was executed on the floor of the stock exchange on Monday at Rs 271 a share to institutional investors. 

Mohan Goenka, director, Emami Group, said the stake sale would bring down the promoter-level debt from Rs 3,300 crore to Rs 2,200 crore. After repaying the debt, the pledged shares would come down from 47-48 per cent to 37 per cent.

However, the promoters are looking at bringing down the debt