<p>New Delhi: Shares of Adani Wilmar tumbled over 6 per cent on Tuesday after billionaire Gautam Adani's group announced its exit from the FMCG joint venture by selling its entire stake to the Singaporean partner in the open market for over $2 billion.</p><p>The stock ended 6.45 per cent lower at Rs 308.25 apiece on the BSE. During the day, it tanked 7.95 per cent to Rs 303.30.</p><p>On the NSE, shares of the firm ended at Rs 308.05, a decline of 6.29 per cent. Intra-day, it tumbled 7.80 per cent to Rs 303.10.</p>.Tamil Nadu cancels tender linked to Adani Group.<p>In a statement on Monday, Adani Enterprises Ltd, which held 43.94 per cent stake in Fortune brand cooking oil, wheat flour and other food product maker Adani Wilmar Ltd, said it will sell 31.06 per cent stake to Wilmar International. The remaining nearly 13 per cent holding will be sold in the open market to meet minimum public shareholding requirements.</p><p>Adani will sell up to 40.37 crore shares (31.06 per cent stake) to Wilmar at no more than Rs 305 apiece to net Rs 12,314 crore. Adding the share sale through OFS, whose price will be determined on the day of sales, the total proceeds will exceed $2 billion (about Rs 17,100 crore).</p><p>"With this, AEL (Adani Enterprises Limited) will fully exit Adani Wilmar Ltd," it said. "Adani's nominee directors will step down from the board of Adani Wilmar Ltd."</p><p>Pranav V Adani, director of AEL and nephew of group founder and chairman Gautam Adani, and Malay Mahadevia will resign from the board upon execution of the agreement.</p><p>The transaction is expected to conclude before March 31, 2025.</p><p>Proceeds from the stake sale will be used to turbocharge the growth of AEL in core infrastructure businesses.</p><p>Adani Wilmar is an equal joint venture between Adani Enterprises and Wilmar Group, both holding 43.94 per cent stake each as of September 30, 2024.</p><p>The firm got listed on stock exchanges in February 2022 after raising Rs 3,600 crore through an initial share sale.</p><p>Adani Wilmar Limited (AWL) was established in January 1999 as a joint venture.</p>
<p>New Delhi: Shares of Adani Wilmar tumbled over 6 per cent on Tuesday after billionaire Gautam Adani's group announced its exit from the FMCG joint venture by selling its entire stake to the Singaporean partner in the open market for over $2 billion.</p><p>The stock ended 6.45 per cent lower at Rs 308.25 apiece on the BSE. During the day, it tanked 7.95 per cent to Rs 303.30.</p><p>On the NSE, shares of the firm ended at Rs 308.05, a decline of 6.29 per cent. Intra-day, it tumbled 7.80 per cent to Rs 303.10.</p>.Tamil Nadu cancels tender linked to Adani Group.<p>In a statement on Monday, Adani Enterprises Ltd, which held 43.94 per cent stake in Fortune brand cooking oil, wheat flour and other food product maker Adani Wilmar Ltd, said it will sell 31.06 per cent stake to Wilmar International. The remaining nearly 13 per cent holding will be sold in the open market to meet minimum public shareholding requirements.</p><p>Adani will sell up to 40.37 crore shares (31.06 per cent stake) to Wilmar at no more than Rs 305 apiece to net Rs 12,314 crore. Adding the share sale through OFS, whose price will be determined on the day of sales, the total proceeds will exceed $2 billion (about Rs 17,100 crore).</p><p>"With this, AEL (Adani Enterprises Limited) will fully exit Adani Wilmar Ltd," it said. "Adani's nominee directors will step down from the board of Adani Wilmar Ltd."</p><p>Pranav V Adani, director of AEL and nephew of group founder and chairman Gautam Adani, and Malay Mahadevia will resign from the board upon execution of the agreement.</p><p>The transaction is expected to conclude before March 31, 2025.</p><p>Proceeds from the stake sale will be used to turbocharge the growth of AEL in core infrastructure businesses.</p><p>Adani Wilmar is an equal joint venture between Adani Enterprises and Wilmar Group, both holding 43.94 per cent stake each as of September 30, 2024.</p><p>The firm got listed on stock exchanges in February 2022 after raising Rs 3,600 crore through an initial share sale.</p><p>Adani Wilmar Limited (AWL) was established in January 1999 as a joint venture.</p>