Emami promoters divest 10% stake for ₹1,600 crore

NEW DELHI: Kolkata-based Emami Group on Monday said that its promoters have sold a 10% stake in its consumer goods business Emami Ltd for an estimated ₹1,600 crore in a block deal to help lower promoter debt. SBI Mutual Fund, PremjiInvest, Amundi, IDFC, L&T Mutual Fund, and others participated in the stake sale, Emami said. The transaction was executed on the stock exchange. Funds from the stake sale will be used to lower promoter debt, as well as help fund the expansion of the company’s cement and solar businesses, Emami said. Post the divestment, the promoter shareholding in Emami Ltd will stand at 62.74% compared with the current 72.7%.