Kolkata, June 24 (IANS) The promoters of Emami Group have undertaken a stake sale of 10 per cent in Emami Ltd, raising about Rs 1,230 crore, which will be used to reduce debt.
Subsequent to the stake sale, the total promoter stake in Emami Ltd stands at a controlling majority of 52.74 per cent.
“This amount is intended to be used primarily for further reducing debt at the promoter level. The stake sale occurred on the floor of the stock exchange to marquee institutional investors,” the group said in a statement.
The promoters intend to “maintain this controlling majority stake in the group’s flagship company without further diluting it”.
On the stake sale and value realisation efforts, the Group’s Director Mohan Goenka: “The promoters are committed towards being proactive in addressing business and industry challenges and working in the best interests of all stake-holders. The stake sale and asset identification activity are examples of steps towards this commitment.”
The statement also said the promoters of the Group have more than adequate pool of diverse assets of value.
With a view to further reduce the debt and reap the benefits of such investments for the benefit of the Kolkata headquartered group, the process of identification for divestment of such assets has been initiated, it said.
“The steps are being endeavoured with a strong resolve to pare the debt of the Emami Group in 6 to 8 months time.”
Director Aditya Agarwal added: “The de-leveraging of debt is a priority for the promoters. We have always endeavoured and continue to endeavour to take all such steps as may be necessary to fuel the future growth of the Group.”