FMCG major Emami promoters to hive off assets to reduce pledge
Kolkata: 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 per cent of stake in the FMCG major, 36 per cent of Emami Ltd stake is under pledge.The promoters of the group had sold cement business to Nirma group at...
Kolkata: 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 per cent of stake in the FMCG major, 36 per cent 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 per cent from 89.24 per cent a year back.
The promoters had pledged their shares from their holding with financiers as collateral to seek loans to fund other businesses. The company had been able to reduce the ratio of pledge to 39 per cent in December last, and further to 36 per cent with the bullish capital market supporting the endeavour.
"We are committed to bring down pledge in Emami Ltd to zero. We want to dilute some of our other assets, and we are very optimistic that there will be some traction from some of our assets. When it happens, the first thing we will do is to reduce our pledge," Emami Director Mohan Goenka said.
He did not elaborate on the assets which could go under hammer.
Sources indicated that the group was planning to reduce exposure in real estate and may hive off land parcels.
The group is also actively scouting for suitors for its hospital business managed under AMRI Hospitals in Kolkata and Bhubaneswar having a total of about 1000 beds.
It also runs a pharma retail chain Frank Ross, besides paper, agro processing and marketing businesses.
Disclaimer: This site is primarily intended for healthcare professionals. Any content/information on this website does not replace the advice of medical and/or health professionals and should not be construed as medical/diagnostic advice/endorsement/treatment or prescription. Use of this site is subject to our terms of use, privacy policy, advertisement policy. © 2024 Minerva Medical Treatment Pvt Ltd