Adani Enterprises refutes Adani Wilmar stake sale rumors
What's the story
Adani Enterprises has refuted media reports that said the company was looking to sell its stake in the FMCG joint venture Adani Wilmar.
The company clarified that there is no such event that requires disclosure under SEBI Listing Regulations.
The statement follows a Bloomberg report indicating a potential stake sale by the conglomerate to free up capital for its core business.
What Next?
Any development requiring disclosure would be shared: Adani Enterprises
Adani and Wilmar each hold a 43.97% share in Adani Wilmar, valued at approximately Rs. 2 lakh crore each. An initial public offering of the JV in February 2022 raised Rs. 3,600 crore.
Adani Wilmar stated it cannot comment on media reports, while Adani Enterprises assured that any development requiring disclosure would be shared in accordance with regulatory requirements.
Details
Adani Wilmar's value plummeted amid controversy
Adani Wilmar's value has declined by 36% this year, dropping to around Rs. 5.12 lakh crore. This fall resulted from a scathing report by Hindenburg Research accusing Adani Group of price manipulation and accounting fraud, among others.
In Q2 2023, Adani Wilmar reported a net loss of Rs. 79 crore. The company's revenue dropped 12% YoY to Rs. 12,928 crore.