India's Adani to sell up to 20% stake in Wilmar joint venture

Wilmar International

09/01/2025 13:16

* 
      Adani to sell 13.5% in Adani Wilmar, with option to sell
6.5%
more stake
    

        * 
      Sale to begin on Jan. 10, end on Jan 13
    

        * 
      Floor price set at 275 rupees, 15% discount to last close
    

        * 
      Adani looking to exit Wilmar joint venture
    

  
       Jan 9 (Reuters) - India's Adani Group said on Thursday
it plans to sell a stake of up to 20% in Adani Wilmar  ADAW.NS 
to the public, as the conglomerate looks to comply with minimum
public shareholding rules amid plans to exit the consumer goods
company.
    Adani, which holds a nearly 44% stake in the joint venture
with Singapore's Wilmar International  WLIL.SI , will sell up to
13.5% to the public in an offer for sale beginning Jan. 10, with
an option to sell an additional 6.5%.
    The group has set a floor price of 275 rupees per share, a
near 15% discount to Thursday's closing price of 323.45 rupees
on the National Stock Exchange.
    Adani said in December it would exit Adani Wilmar in a $2
billion deal as it sharpens its focus on its infrastructure
business.
    According to the deal announced last month, Wilmar
International would acquire a maximum of 31.06% stake in Adani
Wilmar from Adani Group, while Adani would sell about 13% in the
consumer goods venture to comply with minimum public
shareholding requirements.
    Indian regulations require listed companies to ensure that
at least 25% of their shares are held by the public. Adani
Wilmar has a public shareholding of about 12%, according to
exchange data.

 (Reporting by Chris Thomas and Manvi Pant in Bengaluru; editing
by Jason Neely)
 ((chris.thomas@thomsonreuters.com;))