The Emami Group 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 and the purchasers include SBI Mutual Fund, PremjiInvest, Amundi, IDFC, L&T Mutual Fund and others, the group said in a statement. This move is expected to make some action around the shares and stocks of Emami Ltd in BSE and NSE. The Indian stock investors are likely to have some influence on the stocks of Emami Ltd.
The stake sale proceeds will be used to pare promoter debt, which was used in the creation of assets like cement and solar power, among others, it added.
“The promoter debt is to the tune of about Rs 4,000 crore in the group’s unlisted companies. The sale will ease the liquidity position and also reduce promoter pledge of Emami shares from nearly 48 per cent now,” Emami Director Mohan Goenka told media.