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Emami Group promoters divest 10% stake for INR 1600 cr in Emami Limited

Posted On: 2019-02-19 12:00:13

The promoters of Emami Group announced a sale of 10% stake in Emami Limited, raising approximately INR 1600 crores. The transaction was executed on the stock exchange today and 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. Pursuant to the stake sale, the promoter holding in Emami Ltd will stand at 62.74%.

Commenting on the divestment, Mr Mohan Goenka, Director, Emami Limited 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."

Mr Aditya Agarwal, Director - Emami Group added, "We are confident about the growth prospects of the Emami Group and we remain steadfast in working towards the best interests of all our stakeholders."

Shares of EMAMI LTD. was last trading in BSE at Rs.355.05 as compared to the previous close of Rs. 360.85. The total number of shares traded during the day was 46105286 in over 5307 trades.

The stock hit an intraday high of Rs. 363.3 and intraday low of 346. The net turnover during the day was Rs. 16370245077.


Source: Equity Bulls

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