Emami Group promoters have sold a further 10 percent stake in Emami Ltd. with an aim to raise up to Rs 1,230 crore, the company said in a statement on Monday. The funds raised from the stake sale will be used to reduce debt at the promoter level.

The Emami stake sale occurred on the floor of the stock exchange to marquee institutional investors, the company statement read. Emami promoters had sold a similar quantum of stake in February to raise Rs 1,600 crore. They still hold 52.74 percent stake in the company.

"The promoters of Emami Group have more-than-adequate pool of diverse assets of value. With a view to further reduce debt and reap the benefits of such investments for the benefit of Emami Group, the process of identification for divestment of such assets has been initiated,” the Emami statement said.

The Emami Group wants to pare all of its debt in 6-8 months’ time.

On Monday, Emami shares fell 7.59 percent to Rs 267.30 apiece on the BSE while the benchmark Sensex shed 0.18 percent to end the day at 39,122.96 points.