Adani Group
Adani Wilmar share: Adani Wilmar shares fell by about 10 percent in morning trading on Friday. The company’s shares fell 9.84 percent to Rs 292.05 on BSE. Whereas on NSE it slipped 9.69 percent to Rs 292.10. The company’s shares have fallen after Adani Group’s announcement of raising Rs 7,148 crore by selling 20 percent stake in fast-moving consumer goods (FMCG) company Adani Wilmar in the open market. The move is part of the group’s strategy to exit non-core businesses to focus on infrastructure business.
Adani Group is selling stake
The group had informed the stock market on Thursday that it will offer 17.54 crore shares (13.50 per cent) in the company at a floor price of Rs 275 per share on January 10 (to non-retail investors) and January 13 (to retail investors). Will sell shares). The group had last month announced its exit from Adani Wilmar by selling its majority stake to a joint venture partner. Wilmar manufactures Fortune brand of edible oil, wheat flour and other food products.
This is the first step
Adani Group will sell 20 percent stake in Adani Wilmar through OFS. The OFS will include an option to sell an additional 8.44 crore shares or 6.50 per cent equity stake. This is the first phase of the group’s exit from the joint venture covering businesses ranging from ports to power, in which it holds a 43.94 percent stake. In the second phase, Singapore’s Wilmar International Limited has agreed to buy the remaining stake at a price above Rs 305 per share.
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