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Emami promoters reduce their stake by 10 persent

[Edited By: Gaurav]

Tuesday, 25th June , 2019 07:13 pm

The promoters of Emami Group have raised almost Rs. 1,230 crore by selling 10% of their share in Emami Ltd. The money thus raised is proposed to be used mainly for greater debt at the promoter level.

This is the second round of sale of participations with promoters who download 10% in February to raise around ? 1,600 crore. The last sale of the participation took place on the floor of the stock exchange to attract institutional investors.

The total participation of the developer in Emami Ltd., after the sale of the stake, is 52.7%.

The promoters intended to maintain this controlling controlling stake in Emami Ltd. without diluting it further, the company said in a regulatory filing. In the case of increased fundraising, the indication is that Emami's promoters can enter their group of "diverse assets," according to the statement. The process for the identification of said assets has begun, the statement added.

Commenting on the sale of the stake and the efforts to realize value, Mohan Goenka, director of Emami Group, said:

"The promoters are committed to being proactive in facing the challenges of industry and business and working in the best interest of all Emami Group shareholders."

The debt of the promoters remained around ? 2,200 crore with the banks and ? 700 crore with mutual debt funds.

"Zero debt"
"This will now become zero." Aditya Agarwal, director of the Emami Group, said: "Debt deleveraging is a priority for the promoters of the Emami Group, we have always made an effort and continue to strive to take these measures to boost the growth of the Group."

Emami, which owns brands such as Keshking, Navratna and Boroplus, had flat domestic sales in 2018-19, with an extended winter that impacted summer sales, which represent 40% of turnover.

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Emami promoters reduce their stake by 10 persent

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