- Adani Enterprises sold its remaining 7% stake in AWL Agri Business via block deals
- Prominent buyers included Vanguard, Charles Schwab, ICICI, SBI, Tata, Quant, and Bandhan funds
- Singapore’s Wilmar International now holds about 57% stake, becoming the sole promoter
Adani Enterprises Ltd. witnessed a strong demand for the AWL Agri Business Ltd.'s stakes from investors as it offloaded remaining 7% shares in multiple block deals, according to people familiar with the matter.
The Vanguard Group, The Charles Schwab Corp, ICICI Prudential Mutual Fund, SBI Mutual Fund, Tata Mutual Fund, Quant Mutual Fund and Bandhan Mutual Fund were among the prominent buyers, sources told NDTV Profit. Multiple foreign institutional investors from Singapore, the UAE, and other Asian markets also bought into the clean-out block.
The offer size of the AWL Agri Business was Rs 2,502 crore. The floor price for the block deals was at Rs 275 apiece, which indicates 0.63% discount.
Post this, Singapore-based Wilmar International has become the sole promoter with an estimated 57% holding.
Earlier this week, Wilmar International Ltd. said that it completed its subsidiary Lence Pte. Ltd.'s acquisition of a 13% stake in AWL Agri Business Limited, which was formerly Adani Wilmar Ltd.
GIC , AWL Agri Business's long-term investor, will likely to increase their exposure to the edible oil major as the promoter structure stabilises now.
Adani Enterprises realised a total of Rs 15,707 crore from entire stake sale in AWL Agri Business in a block deal. The company will use the proceeds for growth in core infrastructure platforms. The proceeds will be utilised for energy, utility, transport, logistics, and other primary industry.
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