Emami rises 17% post stake sales by promoters

Shares of Emami rose 17 percent intraday Tuesday after company promoters divested their stake in the company.

The promoters of Emami Group announced a sale of 10 percent stake in Emami, raising approximately Rs 1600 crore, as per company release.

The purchasers included SBI Mutual Fund, PremjiInvest, Amundi, IDFC, L&T Mutual Fund and others. The stake sale proceeds will reduce promoter debt which was used in creation of assets like cement, solar power etc.

Post the stake sale, the promoter holding in Emami will stand at 62.74 percent.

Mohan Goenka, Director, Emami said, “We have concluded a stake sale which will ease the liquidity position of the promoter group and reduce the debt. 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.”

At 15:10 hrs Emami was quoting at Rs 407.80, up Rs 52.75, or 14.86 percent on the BSE.

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