Investing.com -- The Adani Group has announced plans to sell its stake in Mumbai-listed Adani Wilmar (NS:ADAW) Ltd. in a two-phase deal worth $2 billion. The move is part of the conglomerate’s strategy to focus on its core infrastructure businesses.
According to a stock exchange filing, Adani Enterprises (NS:ADEL) Ltd. and Wilmar International Ltd. have agreed on the sale. Adani Enterprises will sell 13% of its shares in Adani Wilmar to meet the minimum public shareholding requirement.
In addition, Wilmar International has agreed to purchase the remaining 31% of shares from Adani at a price not exceeding 305 rupees ($3.57) per share. This price is lower than Monday’s closing price of 328.75 rupees, which valued Adani Wilmar at approximately $5 billion.
Once the two-phase transaction is complete, Adani will have fully exited its 44% holding in Adani Wilmar. The proceeds from this sale will be used to strengthen the group’s core infrastructure business, including air transport and renewable energy.
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