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Adani Enterprises and Wilmar International to sell 13% stake in Adani Wilmar Ltd worth $736 million.
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Stake sale to comply with SEBI regulations requiring 25% public shareholding within 3 years of listing.
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Sale expected to take place in one or two tranches by February 2025.
Adani Enterprises and Wilmar International are set to sell a minority stake in their joint venture, Adani Wilmar Ltd, as early as October. The stake sale, valued at approximately $736 million, aims to comply with Indian securities laws. According to SEBI regulations, large firms must have at least 25% of shares available to the public within three years of listing.
Adani Wilmar, which manufactures Fortune brand consumer products, currently has Adani and Wilmar holding nearly 88% of its shares. To meet SEBI’s requirements, the majority owners will reduce their combined holding to 75% by February 2025. The stake sale is expected to take place in one or two tranches.
Adani Wilmar has experienced rapid growth in the FMCG sector, posting revenues of Rs 4,994 crore in FY24. The company operates 23 plants across 10 states in India and plans to expand its operations further. The stake sale will help Adani Wilmar meet regulatory requirements while continuing its expansion plans.
Advisers will soon meet investors in the US, Southeast Asia, and India to discuss the stake sale. While deliberations are ongoing, no final decision has been made. The stake sale is a significant development for Adani Wilmar, enabling the company to comply with regulatory requirements and potentially attract new investors.
