The shares of edible oil major Adani Wilmar will be in focus on Tuesday, December 26 as the promoters are set to divest stake in the company. Promoters Adani Commodities LLP and Lence Pte Ltd on Friday (December 22) announced their intention to divest 1.24% of the company's paid-up capital.
The sale, which is from December 26, 2023 to January 31, 2024, is to enable the company to meet the minimum public shareholding norms.
"(The) proposed sale of equity shares having a face value of INR 1 each (“Equity Shares”) of Adani Wilmar Limited (“Company”) held by Adani Commodities LLP and Lence Pte. Ltd., the promoters of the Company, in the open market to achieve minimum public shareholding," Adani Wilmar said in a regulatory filing.
The proposed sale involves up to 16,116,014 equity shares, each with a face value of ₹1. Adani Commodities LLP and Lence Pte. Ltd. expressed their commitment to achieving the stipulated public shareholding norms and conveyed their intent to sell these equity shares in the open market.
According to Securities and Exchange Board of India (SEBI) rules, companies are required to have a public shareholding of at least 25% within five years of being listed. However, state-owned entities are exempt from the minimum public holding rule.
As of September, promoters own 87.9% stake in Adani Wilmar.
(Edited by : Shoma Bhattacharjee)
First Published: Dec 22, 2023 7:59 PM IST
