India's Adani Wilmar falls on Adani group's plan to offload stake

Wilmar International

31/12/2024 03:55

Dec 31 (Reuters) - India's Adani Wilmar  ADAW.NS  fell
over 6% in early trade on Tuesday, a day after the Adani Group
said it would sell its entire 44% stake in the consumer goods
company in a $2 billion deal to focus on strengthening its
infrastructure businesses.
    The group will sell a 31% stake in Adani Wilmar to its joint
venture partner, Singapore's Wilmar International  WLIL.SI , at
a maximum of 305 rupees per share, which is a 7.2% discount to
the stock's closing price on Monday.
    Adani Wilmar's shares dropped 6.4% to 307.10 rupees in early
trading.
    The Adani group will sell the remaining 13% stake in the
edible oil maker in the open market, it said.

 (Reporting by Ashna Teresa Britto; Editing by Savio D'Souza)
 ((AshnaTeresa.Britto@thomsonreuters.com;))