Gautam Adani makes big move, raises Rs 48500000000 by selling stake in…

Billionaire businessman Gautam Adani’s Adani Group has sold a 13.5% stake in Adani Wilmar, raising Rs 4,850 crore on Friday. The move is part of the group’s strategy to focus on its core infrastructure business by exiting non-core activities.

According to reports, the sale was completed through Adani Commodities LLP, a subsidiary of Adani Enterprises Ltd, via an Offer for Sale (OFS) targeting non-retail investors. The OFS also included an option to sell an additional 8.44 crore shares, representing 6.50% of the equity. This transaction marks the first phase of the conglomerate’s plan to exit its joint venture with Singapore’s Wilmar International Ltd, where Adani currently holds a 43.94% stake.

In the next phase, Wilmar International will acquire the remaining stake at a price of up to Rs 305 per share.