Seven Adani group shares settle higher; Adani Total zooms over 11%, Adani Enterprises up nearly 8%
New Delhi: Seven Adani group firms ended higher on Monday, with Adani Total Gas surging over 11 per cent despite a weak trend in the equity market.
Shares of Adani Total Gas zoomed 11.20 per cent, Adani Enterprises jumped 7.65 per cent, Adani Power surged 6.46 per cent, Adani Energy Solutions climbed 2.46 per cent, Adani Green Energy went up by 2.31 per cent, NDTV (0.28 per cent) and Sanghi Industries (0.05 per cent) on the BSE.
However, Adani Ports declined by 0.93 per cent, Ambuja Cements went lower by 0.55 per cent, Adani Wilmar skidded 0.17 per cent, and ACC dipped 0.05 per cent.
In a day marked with volatility, the 30-share BSE benchmark Sensex tumbled 450.94 points or 0.57 per cent to settle at 78,248.13. The NSE Nifty declined 168.50 points or 0.71 per cent to 23,644.90.
Billionaire Gautam Adani’s group on Monday announced its exit from FMCG joint venture Adani Wilmar by selling its entire stake to the Singaporean partner and in the open market for an estimated over USD 2 billion in a first major deal since the US bribery indictment.
In a statement, Adani Enterprises Ltd — which held 43.94 per cent stake in Fortune brand cooking oil, wheat flour and other food product maker Adani Wilmar Ltd — said it will sell 31.06 per cent stake to Wilmar International. About 13 per cent will be sold in the open market to meet minimum public shareholding requirements.
Adani will sell a 31.06 per cent stake to Wilmar for Rs 12,314 crore (share price of no more than Rs 305 apiece). Adding the share sale through OFS, the total proceeds will exceed USD 2 billion (about Rs 17,100 crore).
“With this, AEL (Adani Enterprises Limited) will fully exit Adani Wilmar Ltd,” it said. “Adani’s nominee directors will step down from the board of Adani Wilmar Ltd.” The transaction is expected to conclude before March 31, 2025.
Proceeds from the stake sale will be used to turbocharge the growth of AEL in core infrastructure businesses.
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