No Plans For Further Stake Sale In Emami, Says Director Mohan Goenka
Emami plans to bring its debt to zero in the next six to eight months, says Director Mohan Goenka.
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Emami Ltd. on Wednesday said its promoters have no plans to further dilute stake in the company.
“The latest divestment by the promoters on June 24 was the last plan of diluting stake,” Director Mohan Goenka told BloombergQuint in an interaction.
On Monday, Emami group promoters sold a 10 percent stake in the maker of Boro Plus antiseptic cream to raise up to Rs 1,230 crore. The funds raised from the stake sale will be used to reduce debt at the promoter level. The promoters now hold 52.73 percent stake in Emami.
The company plans to bring its debt to zero in the next six to eight months, Goenka said, adding Emami will explore other options such as monetising assets in their businesses like realty, paper, cement and hospitals.
(With inputs from PTI.)
Watch the full interaction here: