Calcutta, Dec. 29: Emami has sold close to 19 per cent in Zandu Pharmaceuticals through three separate transactions last week for Rs 100 crore.

The shares were sold in the open market, bringing down Emami’s stake in Zandu to 54.01 per cent from 72.8 per cent.

The sale took place a day after the restructuring between Zandu and Emami became effective, whereby the former turned into a pure real estate entity after demerging the FMCG business to the latter.

Emami got an average price of Rs 6,600 per share of Zandu while it had paid Rs 12,775 a share on an average to acquire.

Mohan Goenka, director of Emami, said the company did not take a cut on its investment.

“We did not book loss. Shares were not sold at a discount to our acquisition price. The demerger had become effective. So, Emami monetised a part of its stake in what would become Zandu Realty after completion of restructuring,” Goenka said.

The Calcutta-based personal care firm bought Mumbai-based Zandu in 2008 after protracted negotiations for Rs 750 crore.

Emami offloaded most of its 18.79 per cent stake on December 22, a day prior to the record date. However, the transaction was recorded on the stock exchange on December 24 according to the T+2 settlement order.

Emami chairman R.S. Agarwal said it was a well-thought-out business decision and the money would be used for general corporate purposes. “We took into account the unpredictable nature of the real estate market also,” he said.

The sale, Agarwal said, would increase liquidity in Zandu without compromising Emami’s majority holding in the entity.