Adani Group to sell stake in Adani Wilmar for $2 billion

Investing.com -- The Adani Group has announced plans to sell its stake in Mumbai-listed Adani Wilmar (NS:ADAW ) Ltd. in a two-phase deal worth $2 billion. The move is part of the conglomerate's strategy to focus on its core infrastructure businesses.

According to a stock exchange filing, Adani Enterprises (NS:ADEL ) Ltd. and Wilmar International Ltd. have agreed on the sale. Adani Enterprises will sell 13% of its shares in Adani Wilmar to meet the minimum public shareholding requirement.

In addition, Wilmar International has agreed to purchase the remaining 31% of shares from Adani at a price not exceeding 305 rupees ($3.57) per share. This price is lower than Monday's closing price of 328.75 rupees, which valued Adani Wilmar at approximately $5 billion.

Once the two-phase transaction is complete, Adani will have fully exited its 44% holding in Adani Wilmar. The proceeds from this sale will be used to strengthen the group's core infrastructure business, including air transport and renewable energy.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Source: Investing.com