Adani Wilmar shares in focus as promoter entities look to sell 1.24% stake

Shares of Adani Wilmar Ltd will be in focus on Tuesday morning after the Adani group firm said its promoter entities Lence Pte Ltd and Adani Commodities LLP have showed intention to divest part of their shareholding in the FMCG company in order to comply with minimum public shareholding norms.

Data showed promoters held 87.94 per cent stake in Adani Wilmar as on September 30. Both Lence Pte Ltd and Adani Commodities LLP held 43.97 per cent stake each in Adani Wilmar at the end of September quarter.

As per Adani Wilmar's stock exchange filing, the two promoter entities would sell up to 1.24 per cent of the total paid up equity share capital of the company, aggregating to 1,61,16,014 equity shares. The Adani group firm said it would be selling shares from the period beginning from December 26 till January 31, 2024 or the actual date of completion of sale of all equity shares, whichever is earlier, in one or more tranches.

"We hereby undertake that Lenee Pte. Ltd shall not buy any shares in the open market on the dates on which the equity shares of the company are being sold by us and Adani Commodities LLP as specified in the intimation to the BSE limited and National Stock Exchange of India Limited for enabling the company to achieve minimum shareholding requirement," Adani Wilmar said.

awl-share-price-366595" target="_blank">Adani Wilmar shares are up 4.7 per cent in the last one month. The stock, however, is down 39.6 per cent year-to-date.

Adani Wilmar reported 18 per cent YoY volume growth in H1FY24, and 11 per cent YoY growth in the September quarter, led by improved consumer demand, lower edible oil prices, execution in GTM and efficient supply chain. The branded sales in both edible oil and foods grew faster than the overall sales.

Revenues for the first half of financial year, however, declined 13 per cent YoY due to steep correction in the prices of edible oil. Restrictions on exports of basmati and non-basmati rice continued during the quarter.