Emami shares jump 5% on move to pare debt

Shares of FMCG player Emami jumped 5 per cent in early trade on Tuesday after the promoters of the company sold 10 per cent stake on Monday to pare company’s debt.

Emami Group promoters on Monday sold 10 per cent stake in the FMCG flagship Emami in a block deal to raise Rs 1,600 crore from a group of investors which includes SBI Mutual Fund, PremjiInvest, Amundi, IDFC and L&T Mutual Fund amongst others which will help reduce promoter debt.

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Posted in: Indian Market Tips