On Tuesday, homegrown FMCG giant Dabur India said its promoters, the Burman family, had sold about 1% of the company through the open market to raise funds for some ventures.

“The Burmese family, one of the major shareholders of Dabur India Ltd, sold about 1% of its shares in a blockbuster transaction,” Dabur India said in a regulatory filing.

The stake was sold through two holding companies, Gyan Enterprises and Chowdry Associates. “The purpose of this deal is to raise funds for several businesses in the private hands of the Burmese family,” it added.

Promoters and promoter groups own 67.24% of Dabur India as of the quarter ended September 2022, with the remaining 32.76% held by public investors.

Shares of Dabur India, which owns strong brands such as Dabur Chyawanprash, Dabur Honey, Dabur PudinHara, Dabur Lal Tail, Dabur Honitus, Dabur Amla, Dabur Red Paste and Réal, closed at Rs 579.85 per share, down 1.51% from the previous session.

As of September 30, 2022, of the 177.17 crore paid-in share capital, promoters and promoter groups hold 119.12 crore shares.

1% of the total share capital is 1.77 crore shares. Based on Tuesday’s closing price, Burmans may have raised around Rs 1,026 crore.

At the beginning of July this year, the Berman family acquired 38.38% of the shares after completing the public offering and became the promoter of Everyday Industries.

In October, Dabur India acquired a 51% stake in Badshah Masala for Rs 587.52 crore, entering the fast-growing spices and condiments category.

Besides Dabur, the Burman family owns other businesses such as Aviva Life Insurance Co, Lite Bite Foods, HealthCare at HOME (HCAH) and Burman Hospitality, which is Taco Bell’s leading franchise partner in India.

After the epidemic, Dubbo Group launched a product offensive and entered several new vertical fields.

Most recently, it announced its foray into the feminine hygiene space with the launch of Fem Ultra Care pads. Dabur India’s revenue for the financial year ending March 31, 2022, was Rs 8,179.5 crore.