<article>Emami Group promoters on Monday announced the sale of a 10 per cent stake in flagship FMCG company Emami Ltd for about $222 million (Rs 1,600 crore) to pare debt.</article>

Emami Group promoters on Monday announced the sale of a 10 per cent stake in flagship FMCG company Emami Ltd for about $222 million (Rs 1,600 crore) to pare debt.
The shares were sold to a clutch of investors including SBI Mutual Fund, PremjiInvest, Amundi, IDFC, L&amp;T Mutual Fund and others, it said in a regulatory filing.
&#8220;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 per cent,&#8221; the filing added.
Commenting on the divestment, Emami Ltd director Mohan Goenka said, &#8220;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.&#8221;
According to the bulk deal data available on BSE, SBI Mutual Fund picked up nearly 4.49 percent stake in the company while PremjiInvest purchased about 3.72 per cent stake through its PI Opportunities Fund and Pioneer Investment Fund.
The group’s debt stands at Rs 284 crore as of December 2018, according to Bloomberg data. Shares of Emami Ltd traded 1.61 per cent lower to close at Rs 355.05 apiece on BSE on Monday.
Also Read:
<a href="https://www.dealstreetasia.com/stories/india-kkr-in-talks-to-invest-up-to-280m-in-emami-via-structured-credit-121559/">India: KKR in talks to invest up to $280m in Emami via structured credit</a>

Emami Group promoters on Monday announced the sale of a 10 per cent stake in flagship FMCG company Emami Ltd for about $222 million (Rs 1,600 crore) to pare debt.

India: Emami divests 10% stake to PremjiInvest, others for $222m

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief

India: Emami divests 10% stake to PremjiInvest, others for $222m

Start your deal-making journey now!

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief