Shares of Adani Wilmar tumbled 7.13 per cent to ₹306.60 on the BSE at 10.39 AM.
The Adani Group is divesting its entire 44 per cent stake in Adani Wilmar, its FMCG joint venture with Singapore-based Wilmar International. This move aims to raise approximately $2 billion, which would be used to fuel investments in core infrastructure sectors like energy, transport, and logistics.
The deal will occur in two phases. Firstly, Wilmar International will acquire a 31.06 per cent stake from Adani Commodities. Secondly, Adani Enterprises will sell its remaining 13 per cent stake to comply with minimum public shareholding requirements.
Further, this exit comes amidst margin pressures faced by FMCG players and follows investigations into the Adani Group by US authorities. Adani Wilmar, known for brands like Fortune and Kohinoor, has shown improved profitability in recent quarters.
Wilmar International plans to seek a new strategic investor to further expand Adani Wilmar’s business. The name of the company would also be changed following the completion of the deal.
Meanwhile, shares of Adani Enterprise Ltd fell 2.45 per cent on the BSE at 10.31 AM on Tuesday.