The Adani Group and Wilmar International are said to be in early talks to sell a minority stake in the joint venture Adani Wilmar, Bloomberg News reported on July 16 citing people familiar with the development.
Moneycontrol is yet to independently verify this development. Shares of Adani Wilmar are down nearly 10 percent so far this year and lower by 18 percent in the last one year.
Both entities are evaluating options to sell equal stakes worth 13 percent in total, the report added. The stake sale is being valued at around $670 million and reportedly could happen in the coming months.
Earlier this year, Moneycontrol had reported that Gautam Adani had decided to trim its holding in the business to focus on core infrastructure businesses.
Both promoters need to pare their combined holding in Adani Wilmar to 75% by February next year in order to meet market regulator Sebi's minimum public shareholding guidelines. The company debuted on the bourses in 2022 and has until February 2025 to meet the shareholding requirement.
Currently, Adani Group and Wilmar own a combined 87.87 percent of the company that makes Fortune brand cooking oils and wheat flour.
This is being updated
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