NEW DELHI: Billionaire Gautam Adani’s group on Monday announced its exit from FMCG joint venture Adani Wilmar by selling its entire stake to the Singaporean partner and in the open market for an estimated over USD 2 billion in a first major deal since the US bribery indictment.
In a statement, Adani Enterprises Ltd — which held 43.94 per cent stake in Fortune brand cooking oil, wheat flour and other food product maker Adani Wilmar Ltd — said it will sell 31.06 per cent stake to Wilmar International. About 13 per cent will be sold in the open market to meet minimum public shareholding requirements.
Adani will sell a 31.06 per cent stake to Wilmar for Rs 12,314 crore (share price of no more than Rs 305 apiece). Adding the share sale through OFS, the total proceeds will exceed USD 2 billion (about Rs 17,100 crore).
