Emami promoters to raise Rs 1500 crore to cut pledge
The Emami Group is in talks to raise Rs 1,500 crore through placement of non-convertible debentures and sell its 400-bed hospital in Bhubaneswar for about Rs 300 crore to help reduce promoters’ pledged shares and become debt free, two senior industry executives said. The Kolkata-based diversified conglomerate is in advanced negotiation with JP Morgan which is likely to subscribe to a Rs 1,500-crore issue of non-convertible debentures (NCDs) on private placement basis in five group entities including Emami Realty, Emami Capital Markets, and Emami Frank Ross, the executives said. Emami Realty, a listed entity, had earlier this month informed bourses that it has received board approval to raise Rs 600 crore through NCDs.
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