FMCG major Emami promoters to hive off assets to reduce pledge
Promoters of FMCG major Emami Ltd have said they remain committed to bring down the pledged shares of their holding in the company to zero by hiving-off more group assets, including land parcels. While the promoters hold 53.8% of stake in the FMCG major, 36% of Emami Ltd stake is under pledge. The promoters of the group had sold cement business to Nirma group at a valuation of Rs 5,500 crore which helped them to reduce the ratio of pledge to around 45% from 89.24% a year back.