Gautam Adani's Adani Enterprises considers selling stake in Wilmar International

Posted By: Vanshika Pathak Posted On: Aug 09, 2023
File photo: Adani Group Chairman Gautam Adani addresses during the Annual General Meeting (AGM) of his group companies. (PTI)

Billionaire Gautam Adani-led Adani Enterprises is exploring selling its stake in Wilmar International Ltd, Bloomberg News reported.

As per the report, Adani Enterprises has been considering a potential sale of its 44% stake in Adani Wilmar for a few months. Gautam Adani and his family may retain a minority stake in a personal capacity following a sale, Bloomberg reported citing people.

Last week, Adani Wilmar reported a loss in the first quarter, hurt by a steep decline in edible oil prices. Shares of Adani Wilmar have fallen about 36% this year, valuing the company at around $6.2 billion.

Adani Group-linked stocks lost nearly $147 billion in market value earlier this year after U.S. short-seller Hindenburg Research raised questions about the group's corporate governance.

Adani Group called Hindenburg's report a "malicious attempt" at damaging its reputation.

Adani Wilmar is a so-called fast-moving consumer goods company, offering many essential kitchen commodities for Indian consumers including edible oils, wheat flour, rice, pulses and sugar, according to its website. Incorporated in 1999, the company's products reach over 114 million households through more than 10,000 distributors, according to its annual report. It competes in India with the likes of ITC Ltd. and Hindustan Unilever Ltd.

Adani Wilmar reports 12% decline in revenue in Q1

Adani Wilmar reported a 12 per cent yearly decline in consolidated revenue during April-June 2023 quarter at ₹12,928 crore. The company said the decline in revenue during the quarter was reflective of a steep decline in edible oil prices. The food and FMCG segment recorded a strong revenue growth of 28 per cent year-to-year to record close to ₹1,100 crores of the total.

“Both urban and rural areas have witnessed strong demand," the Adani Group company said in a release. The company said it kept its focus on expanding the distribution of both oil and food products.

-With inputs from Reuters and Bloomberg

Source: Live Mint
Related Posts: GAUTAM ADANI,ADANI ENTERPRISES,WILMAR

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Nobody takes Rahul Gandhi seriously…

Posted By: Preeti Dabar Posted On: Sep 24, 2023
NCP Chief Sharad Pawar and Adani Group Chairperson Gautam Adani inaugurate the Lactoferrin Plant Exympower in Vasna (PTI)

BJP leaders took a fresh swipe at Rahul Gandhi on Saturday over NCP chief Sharad Pawar's meeting with Gautam Adani. The duo had come together in Gujarat's Vasna to inaugurate the country's first lactoferrin plant. According to reports the senior politician also visited the businessman's residence and office in Ahmedabad.

“I just hope that Sharad Pawar ji won't be abused by likes of Alka Lamba again merely because nobody in INDI Alliance takes @RahulGandhi or his utterances seriously. This picture speaks a thousand words provided Rahul Gandhi is willing to listen," said BJP spokesperson Shehzad Poonawalla.

He re-shared photos of the event that were posted by Pawar on X (nee Twitter) earlier in the day to underscore his point.

Source: Live Mint
Related Posts: SHARAD PAWAR,INDIAN NATIONAL DEVELOPMENTAL INCLUSIVE ALLIANCE,INDIA ALLIANCE,INDI ALLIANCE,RAHUL GANDHI,GAUTAM ADANI,SHEHZAD POONAWALLA

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Adani Group promoter hikes stake in two group companies

Posted By: Aditya Gogoi Posted On: Sep 10, 2023
The promoters had last month increased stake in Adani Enterprises Ltd from 67.65% to 69.87% (Photo: Bloomberg)

Adani Group promoter firm has increased its stake in two of the group’s listed companies as the conglomerate continues to work on strategy to recover from the effects of the damaging reports.

The promoter group in stock exchange filings said it has increased stake in flagship Adani Enterprises to 71.93% from 69.87%. The shares were bought by Kempas Trade and Investment Ltd and Infinite Trade and Investment Ltd

This is the second time in less than a month that the promoters have raised stake in the flagship firm. The promoters had last month increased stake in Adani Enterprises Ltd from 67.65% to 69.87%. Both are promoter group firms.

In a separate stock exchange filing, the promoter group informed that it has also increased stake in Adani Ports and Special Economic Zone Ltd from 63.06% to 65.23%.

Resurgent Trade and Investment Ltd bought almost 1% stake in Adani Ports and Special Economic Zone Ltd in open market transactions and another 1.2% was purchased by Emerging Market Investment DMCC. Both are promoter group firms.

The stock exchange filings said the stakes were bought in open market transactions between August 14 and September8.

The move comes within weeks of the US-based boutique investment firm GQG Partners buying shares in Adani group firms. The stock exchange filings show that US based firm has increased its stake in Adani Ports & Special Economic Zone (APSEZ) to 5.03% last month by way of a bulk deal.

The US based investment firm now has a stake in five of the 10 Adani Group firms.

On August 16, it bought a 7.73% stake in Adani Power Ltd. Promoter group firms Worldwide Emerging Market Holding and Afro ASIA Trade And Investments sold an 8.09% stake in Adani Power through block deals on August 16. Of this, GQG bought 7.73%, filings showed.

After the stake sale, promoter holding in Adani Power declined to 66.88% from 74.97%.

The US short-seller Hindenburg Research, in a report released on January 24, alleged accounting fraud, stock price manipulation and improper use of tax havens at the Adani group, triggering a stock market rout that had erased about $150 billion in the market value at its lowest point.

Adani Group has denied all allegations by Hindenburg and is working on a comeback strategy that includes recasting its ambitions, scrapping acquisitions, pre-paying debt to address concerns about its cash flows and borrowings, and scaling back its pace of spending on new projects.

GQG has, however, shrugged off the allegations and has since May invested in Adani firms. GQG had previously picked up a 5.4% stake in Adani Enterprises, a 6.54% stake in Adani Green Energy Ltd and a 2.5% stake in Adani Transmission Ltd.

GQG has so far invested ₹38,700 crore in Adani Group firms. Qatar Investment Authority (QIA) has invested ₹4,100 crore in Adani Green Energy and Bain Capital has poured in ₹1,440 crore, helping re-build investor confidence.

Adani stocks have since recovered some of the losses.

Source: Live Mint
Related Posts: GAUTAM ADANI,ADANI ENTERPRISES,SPECIAL ECONOMIC ZONE LTD,BUSINESS,ADANI GROUP PROMOTER,STOCK EXCHANGE FILINGS

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