Adani Group
Adani Group will raise Rs 7,148 crore by selling up to 20 per cent 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. According to the information given by the company to the stock exchange, the group will sell 17.54 crore shares (13.50 percent equity) in the company on January 10 (to non-retail investors) and January 13 (to retail investors) at a floor price of Rs 275 per share. .
It was announced last month
The group had last month announced its exit from Adani Wilmar by selling its majority stake to a joint venture partner. The offer for sale (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 port-to-power group’s exit from the joint venture in which it holds a 43.94 per cent 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.
At what price will the shares be sold?
Adani has announced his exit from the company. Wilmar manufactures Fortune brand of edible oil, wheat flour and other food products. As per the announcement, 40.37 crore shares (31.06 per cent stake) will be sold by Adani to Wilmar at a maximum price of Rs 305 per share. The number of shares to be sold to Wilmar will depend on the response to the OFS. Overall, Adani is expected to get more than two billion dollars (about Rs 17,100 crore) from this withdrawal. The deal is likely to be completed by March 31, 2025.
how much is the stake
The proceeds from the stake sale will be used to accelerate the growth of Adani Enterprises Limited’s core infrastructure business. Adani Wilmar Limited is an equal joint venture between Adani Group and Singapore-based commodities trader Wilmar. The two partners currently jointly hold 87.87 per cent stake in Adani Wilmar, much higher than the maximum permissible 75 per cent. Securities and Exchange Board of India (SEBI) regulations require large companies to acquire at least 25 percent public shareholding within three years of listing.
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