Following the large deal, the stock rallied over 8% to day’s high of Rs 283.85 on BSE. Today’s stake sale is part of Adani Group’s plan to exit the FMCG business.
Earlier in January this year, Adani had sold 13.5% stake in an Offer for Sale (OFS) at Rs 275 per share in Rs 4,850 crore deal.
Wilmar International will replace Adani as majority shareholder in AWL Agri Business Limited, with about 64% stake. Following today’s stake sale, Adani’s stake in the company will fall down to about 11%.
Last year in late December, Adani had announced its exit from the company which makes Fortune brand cooking oil, wheat flour and other food products. Subsequently, Adani Wilmar’s name was changed to AWL Agri Business.
Adani Group plans to use proceeds from the sale to turbocharge its investments in the core infrastructure platforms in energy & utility, transport & logistics, and other adjacencies in primary industry.
