To meet the regulations set by the Securities and Exchange Board of India (SEBI), Fortune oil maker Adani Wilmar announced on Saturday that its promoters will be unloading 1.24 percent stake in the company.
Adani Wilmar promoters will be unloading 1.24 percent stake or 1.6 crore shares of the company from next week onwards. The shares being sold roughly amount to ₹584 crore, if sold at the current share price of ₹365.05 apiece.
In their regulatory filing, Adani Wilmar said, “Adani Commodities LLP and Lence Pte Ltd, the promoters of the company have conveyed to us their intention to sell the Equity Shares to enable us to comply with minimum public shareholding norms.”
The company promoters are unloading their shares to meet the rules set by SEBI for large corporations, which says that there should be a 25 percent minimum public shareholding in any firm. Together, the promoters own 87.94% stake in the company.
In their divestment, the promoters of Adani Wilmar will be selling 1.24% of the total paid-up equity share capital of the company aggregating to 1,61,16014 shares. The unloading of these shares will be done between December 26 and January 31.
What do the SEBI rules say?
According to the rules set by SEBI, all the companies listed on the stock market of India need to maintain a minimum shareholding of 25%. However, newly listed companies can get this rule waived for three years.
Adani Wilmar is a joint venture between Adani Enterprises and Wilmar International. The firm is currently India’s largest palm oil supplier. Both Adani and Wilmar own equal shares of the company at 43.9 percent each.
Adani Wilmar was listed on the stock market in 2022, and the IPO opened at ₹230 per share. The issue focused on raising ₹3600 crore for the company.