The Emami Group on Monday said its promoters have sold 10 per cent stake in the flagship firm Emami Ltd for around Rs 1,600 crore.
The transaction was executed on stock exchanges and the purchasers include SBI Mutual Fund, PremjiInvest, Amundi, IDFC, L&T Mutual Fund and others, the group said in a statement.
The stake sale proceeds will be used to pare promoter debt, which was used in creation of assets like cement and solar power, among others, it added.
"The promoter debt is to the tune of about Rs 4,000 crore in the group's unlisted companies. The sale will ease the liquidity position and also reduce promoter pledge of Emami shares from nearly 48 per cent now," Emami Director Mohan Goenka told
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