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Markets | Emami sells 13.5% stake to raise Rs310 cr

Markets | Emami sells 13.5% stake to raise Rs310 cr
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First Published: Thu, Jul 02 2009. 11 09 PM IST
Updated: Thu, Jul 02 2009. 11 09 PM IST
Kolkata: Personal care products maker Emami Ltd on Thursday announced it had raised Rs310 crore by selling about 13.5% stake to institutional investors. Emami sold 10 million shares at Rs310 a piece, the company said in a statement.
“Large foreign institutional investors and leading domestic mutual funds have appreciated our inherent strength,” said Mohan Goenka, Emami’s director, in the statement.
The amount raised would be used to pay down Emami’s debts and to expand production facilities.
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First Published: Thu, Jul 02 2009. 11 09 PM IST