The two promoter entities of Adani Wilmar plan to sell up to 1.6 crore shares or 1.24 per cent stake in the company as part of the programme to meet the minimum public shareholding norm.

In an exchange filing, the edible oils seller said the promoter entities, Adani Commodities and Lence Pte, had communicated their intention to divest part of their shareholding during December 26 to January 31, 2024.

Currently, the promoter shareholding in the company is at 87.94 per cent; under the Securities and Exchange Board of India regulations, the minimum public stake should be 25 per cent. Companies have to comply with this requirement within three years of being listed. Adani Wilmar, which listed on February 8, 2022, has time till early 2025 to comply with the norm.

There have also been reports of the Adani Group looking to exit the venture with Wilmar.

In a recent media interaction, Group Chief Financial Officer Jugeshinder Singh, said the group aimed to be a leader or among the top three in all the businesses it was present in. If it were unable to achieve this, it would look for an exit. He also said the group would undertake a strategic evaluation of the company’s prospects for a scale-up, and a decision on exiting it, partly or wholly, would be taken in three months’ time.

According to its latest investor presentation, the company accounts for 12 per cent of the edible oil consumed in India and has a 20 per cent market share in branded consumer pack oils. It has the second largest market share in wheat, and the third largest in rice, in retail consumer packs. Its ‘Fortune’ brand recorded annual sales of $2.5 billion.

In FY23 it posted an EBITDA of Rs 1,600 crore on revenue of Rs 58,000 crore.