M&A

M&A

Undone: Adani Enterprises withdraws demerger scheme of food FMCG biz into Adani Wilmar

Business Line  

Adani Enterprises has withdrawn the scheme of demerger of its food FMCG business into Adani Wilmar Ltd (AWL), owing to the latter having to comply with the minimum public shareholding (MPS) requirement. The company had announced the scheme on August 1 this year, saying that the food FMCG business had become self-sustaining and was performing well on its own.Adani Enterprises holds nearly 44 % stake in Adani Wilmar through Adani Commodities and the demerger would have achieved the purpose of bringing it directly under the Adani group promoter and promoter group shareholders. It would have ceased to be joint venture entity of Adani Enterprises.Adani Wilmar listed in February 2022 and the promoters have time till 2025 to bring down the promoter stake to 75 % under Sebi regulations. The promoter group - the Adani group and Lence Pte - hold 87.87 % stake.