Adani Wilmar falls on group's sake sale plan
MG News | December 31, 2024 at 10:39 AM GMT+05:00
December 31, 2024 (MLN): India's Adani Wilmar dropped more than 6% in early trade on Tuesday, following the Adani Group's announcement that it would sell its entire 44% stake in the consumer goods company, as Reuters reported.
The $2 billion deal aims to allow the group 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, 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.
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