Adani Enterprises is exploring selling its stake in its listed consumer staple joint venture with Wilmar International, freeing up capital for their core business, according to people familiar with the matter. According to sources, the conglomerate has been thinking about selling its 44% holding in Adani Wilmar. According to estimates, the market value of Adani's shares at the present share price is around $2.7 billion.
Adani and his family may retain a minority stake in a personal capacity following a sale, the people said. Wilmar, the Singapore-based food conglomerate co-founded by billionaire Kuok Khoon Hong in 1991, could decide to retain its stake in the business, one of the sources said.
Adani Wilmar's stock has decreased by around 36% this year, putting the business at about $6.2 billion. At one time, the market value of the Adani-affiliated companies had fallen by more than $150 billion as a result of fraud claims made against the corporate giant by US-based short seller Hindenburg Research. Any wrongdoing was refuted by the Adani Group.
Adani Wilmar raised about $435 million in an initial public offering in 2022. Adani and Wilmar’s stakes together account for nearly 88% of the company’s shares. The Sebi rules require that large firms have a minimum public shareholding of at least 25% within five years of the date of the listing.