Diversified conglomerate Adani Group has launched a block deal of around Rs 2,500 crore to sell its balance stake in AWL Agri Business (formerly Adani Wilmar) and make a complete exit from the latter, multiple industry sources in the know told Moneycontrol.
"Adani Commodities LLP, a subsidiary of Adani Enterprises has launched a clean out trade to divest its remaining 7 percent stake in AWL Agri," said one of the persons above.
A second person confirmed the same and said that the floor price for the proposed trade was Rs 275/share, a 0.6 percent discount to the last close.
A third person added that investment bank Jefferies was acting on the proposed block trade.
All three persons spoke to Moneycontrol on the condition of anonymity.
When contacted Adani Group declined to comment. Jefferies was unavailable for an immediate response.
Earlier in the week, Adani Group which held 20 per cent stake in AWL Agri Business, sold 13 per cent of its stake to an arm of Wilmar International Ltd by an off-market transaction worth Rs 4,646 crore.
The stake sale to Wilmar followed by the proposed block deal to sell balance stake in AWL Agri is part of the Adani Group's strategy to exit the FMCG business and pivot focus back to the core infrastructure portfolio.
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