Promoters sell 10 pc stake in Emami for Rs 1,230 cr

Home grown FMCG firm Emami Monday said its promoters have sold an additional 10 per cent stake in the company for Rs 1,230 crore, to reduce their debt.

In February, the promoters offloaded 10 per cent stake in the firm for Rs 1,600 crore.

With the recent selling of shares, promoters' stake in Emami has come down to 52.73 per cent after divesting 4.54 crore shares.

According to the company, this amount is intended to be used for further reducing debt of the promoters.

The stake sale occurred on the floor of the stock exchange to marquee institutional investors, Emami said in a statement.

"The above steps are being endeavoured with a strong resolve to pare the debt of the Emami Group in 6 to 8 months time," it said.

Prior to this divestment, promotor group's shareholding in Emami was 62.74 per cent.

The promoters intend to maintain this controlling majority stake in Emami without further diluting it, it said.

"The deleveraging of debt is a priority for the promoters of Emami Group. We ..