Emami stock rises 13% after promoters sell 10% stake to pare debt

The share sale took place on the stock exchange platform and SBI Mutual Fund, Premji Invest, Amundi, IDFC and L&T Mutual Fund were among the buyers

Investors have cheered the move by Emami promoters to divest their shareholding in the company to reduce debt and keep share pledging in check. Following the move, shares of Emami gained nearly 13 per cent on Tuesday to close at Rs 407.5.

On Monday, the promoters – the Agarwal and Goenka families – of the consumer goods company announced that they have sold 10 per cent stake in Emami for Rs 1,600 crore. The move was to pare the debt of other group companies such as Emami Cement and Emami Power. While the move resulted in a drop in promoter