Adani Commodities and Lence Pte, the promoters of the company, will be divesting part of their shareholding, Adani Wilmar said in an exchange filing
ITC is now the largest FMCG company in India as it recorded food sales of Rs 17,100 crore during the first nine months of 2023-24
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"We are currently studying whether to keep or divest Wilmar stake," group CFO said
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This comes at a time when Adani Wilmar Ltd has been posting losses for two consecutive quarters
Adani Wilmar last month said its profitability in the September quarter remained under stress due to lower edible oil prices
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Rural sales grew at a faster rate due to a higher focus on increasing its rural distribution network
Sales value from edible oil constituted a hefty 74% of the company's topline in the September quarter. Low edible oil prices also contributed to its swing to loss in the June quarter
In an exchange filing with the BSE, AEL said Green Vitality RSC had on Tuesday, Oct 3, acquired an additional 643,134 equity shares representing 0.06% total equity in the company from the open market.
Adani Ports, NDTV, Adani Enterprises, Adani Energy Solutions, Adani Total Gas, Adani Wilmar, Ambuja Cements and ACC were up in the range of 2 per cent to 10 per cent on the BSE.
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The report, citing people familiar with the matter, had said billionaire Gautam Adani and his family may retain a minority stake following a stake sale in its $6 billion consumer staple joint venture
Sebi stated that 22 out of 24 investigations are now complete, with the remaining two at an interim stage
Earlier this week, Bloomberg reported that Adani Enterprises is exploring selling its stake in its consumer-staple joint venture with Wilmar International
Adani Enterprises is exploring selling its stake in its consumer-staple joint venture with Wilmar International Ltd., freeing up capital for their core business, Bloomberg reported
Stocks to watch on August 09, 2023: Shares of Adani Enterprises and Adani Wilmar are likely to be in focus on Wednesday amid reports of stake sale in the latter company.
The conglomerate has been considering a potential sale of its 44% stake in Adani Wilmar Ltd. for a few months, the people said, asking not to be identified as the information is confidential