The conglomerate Adani Group on Friday completely exited Fortune oil producer AWL Agri Business, earlier known as Adani Wilmar, by selling the remaining 10.42% stake to a clutch of investors from the US, UK, Middle East, and India, according to people aware of the matter.
The block trade was executed at a share price of Rs 275.5 per share, in which buyers were said to be marquee investors from the US, UK, Middle East, and India. AWL Agri Business shares were trading at Rs 277.30 in the morning session on BSE.
Adani Enterprises had yesterday announced selling a 20% stake to Singapore's Wilmar International, its joint venture partner in the business, in a Rs 7,150 crore deal.
Adani Commodities Ltd (ACL), a wholly-owned subsidiary of Adani Enterprises Ltd, has now raised about Rs 10,900 crore in two days of stake sale.
Adani Group plans to use proceeds from the sale to turbocharge its investments in the core infrastructure platforms in airports, roads, green hydrogen, PVC, and copper.
Earlier in January this year, Adani had sold a 13.5% stake in an Offer for Sale (OFS) at Rs 275 per share in a Rs 4,850 crore deal.
Wilmar International will replace Adani as a majority shareholder in AWL Agri Business Limited, with a 64% stake.
AWL's Q1 revenue rose 21% year-on-year (YoY) to Rs 17,059 crore, but overall volumes recorded an overall decline of 5% YoY, primarily influenced by the consolidation of its regional rice operations and muted consumer demand.
"The Company experienced a challenging quarter due to a convergence of headwinds - muted consumer demand, strategic consolidation of regional rice operations, one-off G2G rice business in the base year, and fluctuations in edible oil prices," the company had said earlier.
The reduction in customs duty on crude edible oils is expected to positively impact domestic refiners by boosting sales and curbing refined oil imports from both SAARC nations and edible oil producing countries, it had said.
The block trade was executed at a share price of Rs 275.5 per share, in which buyers were said to be marquee investors from the US, UK, Middle East, and India. AWL Agri Business shares were trading at Rs 277.30 in the morning session on BSE.
Adani Enterprises had yesterday announced selling a 20% stake to Singapore's Wilmar International, its joint venture partner in the business, in a Rs 7,150 crore deal.
Adani Commodities Ltd (ACL), a wholly-owned subsidiary of Adani Enterprises Ltd, has now raised about Rs 10,900 crore in two days of stake sale.
Adani Group plans to use proceeds from the sale to turbocharge its investments in the core infrastructure platforms in airports, roads, green hydrogen, PVC, and copper.
Earlier in January this year, Adani had sold a 13.5% stake in an Offer for Sale (OFS) at Rs 275 per share in a Rs 4,850 crore deal.
Wilmar International will replace Adani as a majority shareholder in AWL Agri Business Limited, with a 64% stake.
AWL's Q1 revenue rose 21% year-on-year (YoY) to Rs 17,059 crore, but overall volumes recorded an overall decline of 5% YoY, primarily influenced by the consolidation of its regional rice operations and muted consumer demand.
"The Company experienced a challenging quarter due to a convergence of headwinds - muted consumer demand, strategic consolidation of regional rice operations, one-off G2G rice business in the base year, and fluctuations in edible oil prices," the company had said earlier.
The reduction in customs duty on crude edible oils is expected to positively impact domestic refiners by boosting sales and curbing refined oil imports from both SAARC nations and edible oil producing countries, it had said.
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