Mon. Sep 26th, 2022

Emami’s promoters hope to reduce their pledged shares to 10-15% of their stake by selling the group’s hospital business and real estate owned by the promoters and some group companies, Vice Chairman Mohan Goenka said.

The promoters, the Agarwal and Goenka families, own 54.27% of the company. Around 32% of the promoter’s shareholding is currently pledged.

Emami’s hospital business, run under the Amri Hospital brand, is in the process of being sold to Manipal Group for around Rs 1,800 crore, while the developers hope to raise a further Rs 700-800 crore through the sale of various real estate. .

Goenka said the proceeds from the sale of the hospital business, expected soon, will help reduce pledges by 4-5%.

The following are land held by developers and group companies such as Emami and Emami Agrotech that will be sold now that the real estate market has recovered from the pandemic, he said.

“We are in the process of appointing a consultant to sell 45 acres in Hyderabad, which could cost around Rs 450-500 crore. More such plots will be sold, which would help us reduce the developer commitment to 10-15%,” Goenka said.

Read More: Emami promoters eye sale of realty, hospital assets, Real Estate News, ET RealEstate