Wednesday, October 4

Adani Enterprises elucidates the news of intending to exit the Wilmar venture.

Adani Wilmar told the stock exchanges on August 9 that it is not authorized to provide any feedback on media reports.

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Adani Enterprises clarified on August 10 that they were planning to sell their FMCG joint venture stake, according to media reports.

According to a regulatory filing, the billionaire conglomerate led by Gautam Adani stated that there has been no event related to the media report, which requires disclosure from the company in accordance with Regulation 30 of SEBI Listing Regulations.

The statement stated that if there is any progress that necessitates disclosure, we will comply with the regulatory requirements and disclose it.

Adani was reportedly contemplating selling its share in order to free up resources for its core business, as reported by Bloomberg.

Bloomberg reported that discussions about the stake sale were in an early stage, and Adani Enterprises may still retain its share. The company’s stake is valued at approximately $2.7 billion.

Adani and Wilmar are both equal partners in the JV formed in 1999 – an initial public offering (IPO) to raise Rs 3,600 crore saw their respective shareholdings fall to 43.97 percent after it went public in February 2022.

Adani Wilmar stated that the media cannot provide any feedback on the report.

Adani Wilmar’s value has plummeted to around $6.2 billion this year, dropping by roughly 36 percent. This was attributed to a report by US-based short-seller Hindenburg Research that accused the Adania group of price manipulation and other violations. Although the group denied these allegations, it lost over $150 billion in market value overall.

BSE reported Adani Wilmar, which ended on August 10, with a 1.31 percent decline to Rs 373.25, while Adania Enterprises closed up 1.18 percent at Rs 2,552.10.

Adani Wilmar experienced a net loss of Rs 79 crore in the quarter ending June 30, 2023, due to deteriorating edible oil prices and expensive inventory. The company’s revenue decreased by 12 percent on-year, reaching Rs 12,928 crore.

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