Adani Group announced its exit from Adani Wilmar last month
| Photo Credit: Reuters

The Adani Group will raise ₹7,148 crore from sale of up to 20% stake in FMCG firm Adani Wilmar in the open market as part of its strategy to exit non-core activities to focus on infrastructure business.

The conglomerate, which last month announced its exit from Adani Wilmar by selling the bulk of its stake to a joint venture partner, will sell 17.54 crore shares (13.50% equity) in the company on January 10 (to non-retail investors) and on January 13 (to retail investors) at a floor or minimum price of ₹275 apiece, according to a stock exchange filing by the company.

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The Offer For Sale (OFS) will include an option to additionally sell up to 8.44 crore shares or 6.50% equity.

This is the first phase of the port-to-power conglomerate’s exit from the joint venture in which it holds 43.94%. In the second phase, Singapore’s Wilmar International Limted has agreed to acquire the residual stake at a price not exceeding ₹305 apiece.

On January 30, Adani announced its exit from the company which makes Fortune brand cooking oil, wheat flour and other food products.

As per that announcement, Adani will sell up to 40.37 crore shares (31.06% stake) to Wilmar at no more than ₹305 apiece. The number of shares to be sold to Wilmar will depend on the response to the OFS.

In all, Adani hopes to get in excess of $2 billion (about ₹17,100 crore) from the exit. The transaction is expected to conclude before March 31, 2025.

Proceeds from the stake sale will be used to turbocharge the growth of Adani Enterprises Limited in core infrastructure businesses.

This is the first major transaction post the U.S. federal prosecutors in November filing an indictment against group executives over a $265 million bribery scheme to win renewable energy supply contracts. Adani group has denied the allegations as baseless and said it would seek legal recourse.

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Adani Wilmar Limited is an equal joint venture between Adani Group and Singapore-based commodity trader Wilmar. The two partners currently own a combined 87.87% of Adani Wilmar, far above the maximum permissible 75%.

Markets regulator Securities and Exchange Board of India (SEBI) rules mandate that large firms must have at least 25% of shares available to the public within three years from listing.

Established in 1999, Adani Wilmar makes Fortune brand cooking oil, wheat flour, pulses, rice and sugar. It owns 23 plants across 10 States.

The FMCG firm posted a consolidated total income of ₹51,555.24 crore during the last fiscal. Its market capitalisation on Monday (January 6, 2025) stood at nearly ₹42,000 crore (around $5 billion).

Adani Wilmar got listed on stock exchanges in February 2022 after raising ₹3,600 crore through an initial share sale.

New Delhi:

Edible oil major Adani Wilmar on Wednesday reported a 67 per cent increase in its consolidated net profit to Rs 156.75 crore for the fourth quarter ended March 2024.

Its net profit stood at Rs 93.61 crore in the year-ago period.

The company’s total income fell to Rs 13,342.26 crore in the March 2024 quarter from Rs 14,185.68 crore in the year-ago period, according to a regulatory filing.

In 2023-24, Adani Wilmar’s net profit declined to Rs 147.99 crore against Rs 582.12 crore in the preceding year.

The total income also fell to Rs 51,555.24 crore last fiscal from Rs 59,148.32 crore in 2022-23.

Adani Wilmar sells edible oils and some other food products under Fortune brands.
 

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

(Disclaimer: New Delhi Television is a subsidiary of AMG Media Networks Limited, an Adani Group Company.)

According a report published in Bloomberg news,  Adani Enterprise has been considering a potential sale of its 44% stake in Adani Wilmar for a few months.
| Photo Credit: AFP

India’s Adani Enterprises is exploring selling its stake in its consumer-staple joint venture with Wilmar International, Bloomberg News reported on Tuesday, citing people familiar with the matter.

The conglomerate has been considering a potential sale of its 44% stake in Adani Wilmar for a few months, according to the report.

Indian billionaire Gautam Adani and his family may retain a minority stake in a personal capacity following a sale, while Wilmar could decide to retain its stake in the business, Bloomberg reported.

Deliberations are at an early stage and Adani Enterprises may decide to keep its stake, the report said.

Adani Enterprises and Wilmar did not immediately respond to Reuters’ requests for comment.

Last week Adani Wilmar reported a first-quarter loss, hurt by a steep decline in edible oil prices