Gautam Adani: On Friday, a company was dropped from Adani Group’s portfolio. In fact, Adani Group on Friday sold its remaining 7 percent stake in AWL Agri Business (earlier Adani Wilmar Limited) through a block deal and completely exited its business.
Adani Commodities LLP did the transaction
Adani Commodities LLP, a subsidiary of Adani Enterprises, has done this disinvestment. This is the last step taken by the group to liquidate its position in India’s largest edible oil brand franchise. Adani Group has made this deal at the rate of Rs 275.50 per share.
Investment bank Jefferies acted as broker for this transaction. Market estimates and industry sources say that based on the current market capitalization of AWL Agri, the value of the deal will be between Rs 2,300–2,400 crore.
Company’s shares went up with a bang
Movement was seen in its shares only after Adani’s exit from the company. As Adani sold about 6.6 percent of its shares through the block deal, the stock fell 3.7 percent to Rs 266.45 per share, which was its intraday low.
What was the share in the company earlier?
Earlier Adani Group had 20 percent stake in AWL Agri. Earlier this week, 13 percent stake in the company was sold to a branch of Wilmar International through an off-market deal worth Rs 4,646 crore. Now with the completion of the final block deal, Adani Enterprises has received Rs 15,707 crore from its total exit.
All of them were included among the buyers
Sources said domestic mutual funds like ICICI Prudential MF, SBI MF, Tata MF, Quant MF, Bandhan MF, Vanguard and Charles Schwab were among the big buyers. Many global investors from Singapore, UAE and other Asian markets also participated in the clean-out block. With Adani’s exit, Singapore’s Wilmar International has become the sole promoter, which is now estimated to hold about 57 percent stake in AWL Agri. This strengthens the company’s identity as a multinational food and FMCG player.
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