Adani Commodities News Today

The promoters will sell a stake of up to 1.24 percent of the total paid up equity share capital of the company, aggregating to 16.11 lakh equity shares.

Adani Wilmar said the two promoter entities would sell up to 1,61,16,014 equity shares from December 26, 2023 to January 31, 2024.

Adani Wilmar Share Price: As part of the divestment, the promoters will sell up to 1.24% of the total paid-up equity share capital of the company aggregating up to 1,61,16014 shares between December 26 and January 31. At the end of the September quarter, Adani Commodities owned 43.97% stake in the company while the other promoter Lence Pte, part of the Wilmar Group, also owned an equal number of 43.97% stake in the FMCG firm.

This move aligns with regulatory obligations set by the Securities and Exchange Board of India, mandating companies to maintain a minimum 25 per cent public stake within three years of their listing, , adani wilmar, Public Float Norms, Lowering Stake

As part of the divestment, the promoters will sell up to 1.24% of the total paid-up equity share capital of the company aggregating up to 1,61,16014 shares between December 26 and January 31. At the end of the September quarter, Adani Commodities owned 43.97% stake in the company while the other promoter Lence Pte, part of the Wilmar Group, also owned an equal number of 43.97% stake in the FMCG firm.

Deal likely at $2-2.2 bn; no single buyer may acquire entire stake

The Adani Group is in early stages of exploring a stake sale in its fast-moving consumer goods (FMCG) joint venture Adani Wilmar Ltd, said sources aware of the development.

The 50:50 joint venture (JV) between Adani and Wilmar was set up in 1999. The company raised Rs 3,600 crore by way of an initial public offering in February 2022, bringing the stake of the two JV partners down to 43.97% each.

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Mukesh Ambani has been ranked as the 10th richest person both by Forbes Rich List and Bloomberg Billionaires Index.