M&A

M&A

Adani sells remaining 7% stake in Adani Wilmar in block deal

The Hindu  

Adani Group has sold its remaining 7% stake in Ahmedabad-based Adani Wilmar Ltd in a block deal. Domestic mutual fund houses, including Vanguard, Charles Schwab, ICICI Prudential MF, SBI Mutual Fund, Tata MF, Quant MF, and Bandhan MF, bought the stake. Several international investors from Singapore, the UAE, and other Asian markets also bought into the clean-out block.With the full exit now complete, Singapore-based Wilmar International becomes the sole promoter with an estimated 57% holding, giving AWL a multinational ownership profile. Wilmar's long-term institutional partners, such as GIC, are expected to increase their exposure to AWL as the promoter structure stabilises.Earlier this week, the Adani Group had sold a 13% stake in AWL to bring its exposure down to 7%.AWL Agri Business Ltd (formerly Adani Wilmar Ltd) has completed a major shareholder reshaping after Adani Enterprises fully exited its 44% stake, including the final 7% clean-out block placed on November 20 at INR 275 per share. The realisation for Adani Enterprises stands at INR 15,707 crore.AWL markets the "Fortune" brand - an edible oil franchise - and also operates an integrated food staples business across wheat flour, rice, pulses, and ready-to-cook products.