Shares of Emami surged as much as 15 per cent to Rs 416 on BSE Tuesday after promoters of the FMCG company sold a 10 per cent stake, raising nearly Rs 1,600 crore, to pare debt. The promoter holding in the FMCG major will now come down to 62.74 per cent. “The stake sale proceeds will reduce promoter debt which was used in creation of assets like cement, solar power etc,” Emami said in a statement.
The purchasers include SBI Mutual Fund, L&T Mutual Fund, IDFC and PremjiInvest, the family office of Wipro chairman Azim Premji, among others.
“We have concluded a stake sale which will ease the liquidity position of the promoter group and reduce the debt,” said Mohan Goenka, director of Emami.
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The shares of Emami were trading at Rs 410.95, up 55.90 points or 15.74 per cent on BSE at the time of reporting.
Meanwhile, the headline indices–Sensex and Nifty– extended gains in the morning trade on Tuesday, tracking global cues. The Sensex is up 167 points to 35,656.56, while the Nifty is trading above the 10,650-mark.
Bharti Airtel shares gained more than 3 per cent to Rs 312 in the morning, trade while M&M shares are trading 2.5 per cent higher at Rs 638 on BSE, to emerge among the top Sensex gainers.