The total promoter stake in Emami Limited, subsequent to the stake sale, stands at a controlling majority of 52.74%.
FMCG conglomerate Emami Group has raised Rs1,230 crore through a stake sale, mainly to be used for reducing debt at the promoters level. The company divested 10% stake to marquee institutional investors on the floor of the stock exchange.
The total promoter stake in Emami Limited, subsequent to the stake sale, stands at a controlling majority of 52.74%. The promoters intend to maintain this controlling majority stake in Emami without further diluting it, the company said in a statement.
The promoters of Emami Group have an adequate pool of diverse assets, the valuation of which are quite high. With a view to further reduce the debt and reap the benefits of such investments, the process of identification for divestment of such assets has been initiated. This could pare the debt of the Emami Group in 6-8 months.
Mohan Goenka, director, Emami Group, said: “the promoters are committed towards being proactive in addressing business and industry challenges and working in the best interests of all Emami Group stakeholders; the stake sale and asset identification activity are examples of steps toward this commitment.” Director Aditya Agarwal added that deleveraging the debt was the company’s priority.
The promoters’ debt, after repayment of `1,230 crore, would stand at `2,200 crore, an Emami spokesperson said.