India's Adani Wilmar tumbles as Adani launches discounted stake sale

Wilmar International

10/01/2025 04:18

** Shares of Adani Wilmar  ADAW.NS  fall 8.6% to 295.7
rupees, on track for their worst day in nearly two months, if
losses hold 
    ** Adani Group said on Thursday it plans to sell up to 20%
stake in Adani Wilmar to the public 
    ** 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 sale shall take place over two trading days - Jan 10
and Jan 13
    ** Adani Group sets floor price at 275 rupees apiece, a ~15%
discount to Thursday's closing price of 323.45 rupees - LSEG
data
    ** Group to sell stake to focus on infrastructure business,
while Singapore's Wilmar International  WLIL.SI  would acquire a
maximum of 31.06% stake in ADAW
    ** Five analysts covering ADAW on avg have a "hold" rating;
median PT is 385 rupees - LSEG data
    ** ADAW stock down 9% so far this week, on track to log its
worst week in two months


 (Reporting by Ashna Teresa Britto in Bengaluru)
 ((AshnaTeresa.Britto@thomsonreuters.com ; ( +91 8078332441))