Adani Wilmar shares fall as promoters plan to lower stake to meet Sebi norms

Shares of Adani Wilmar traded lower in early on December 26 after the promoter group said it will pare a portion of its stake in the Fortune Oil-maker.

In a December 22 filing with the bourses, the company said, “Adani Commodities LLP and Lence Pte Ltd, the promoters of the company, have conveyed to us their intention to sell the equity shares to enable us to comply with minimum public shareholding norms.”

The promoters will sell a stake of up to 1.24 percent of the total paid-up equity share capital of the company, aggregating to 16.11 lakh equity shares. If divested at the CMP of Rs 365.05 per share, the sale should net the promoters around Rs 58.8 crore.

As of 9.20am, the Adani Wilmar shares were trading at Rs 362.10, lower by almost 1 percent on the NSE, compared to the closing price of the previous session.

According to the July-September quarter shareholding data, the promoters’ overall holding remained unchanged over quarters at 87.94 percent. Sebi norms suggest that the promoters should hold a maximum of 75 percent stake in any listed company, while the remaining 25 percent should be public float.

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Companies have to comply with this with three years of listing. Adani Wilmar noted that the current proposed divestment will be undertaken from December 26, 2023 till January 31, 2024 or the actual date of completion of sale of all equity shares, whichever is earlier. The sale will occur in one or more tranches.

Since Adani Wilmar debuted on the bourses on February 8, 2022, the company has until February 7, 2025 to meet the requirements of 75 percent holding in the company.

As of September, the public holds 11.4 percent in the company, while the holding of FIIs and DIIs are under one percent each.

So far in 2023, Adani Wilmar shares have fallen 30.41 percent, with much of the losses coming immediately following the release of the Hindenburg report.

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