Wilmar, GQG, QIA Keen on Buying Adani Group's Stake in Adani Wilmar - Report

Adani Group is set to exit Adani Wilmar by selling its entire stake. As no single company expressed sole interest in Adani Group”s stake, the group intends to sell its shares in stages to multiple companies. With this in mind, group representatives held separate talks with Wilmar International Limited (SGX:F34), GQG Partners Inc. (ASX:GQG), and Qatar Investment Authority (QIA).

The group representatives claimed that at least five funds are keen to buy Adani Wilmar stocks, suggesting that the deal could be closed by the end of FY24. According to a report by Livemint, Adani Group expects to raise $2 billion to $2.2 billion by selling Adani Wilmar”s entire stake.

Adani and Wilmar each hold a 43.97% stake in Adani Wilmar. While Adani Commodities LLP holds the stakes for Adani Group, the Singaporean edible company Wilmar holds its stakes through Lence Pte.

According to a report by LiveMint, Adani intends to sell its shares in Adani Wilmar as part of the group”s strategy to shift focus from commodities and retail consumer goods verticals to core infrastructure, energy, ports, logistics, and cement businesses.

Moreover, Adani Wilmar”s current promoter holding is too high, and the company”s new investors will need to find a way to reduce it. If Adani Group sells its majority stake in Adani Wilmar, the company may have to delist from the stock market.

If Wilmar International, along with other investors, buys back all of the shares of Adani Wilmar that are currently owned by the public, Adani Wilmar would no longer be a publicly traded company, and its shares would no longer be traded on the stock market.