Gautam Adani, second richest man in India, sells his remaining stake in this company for Rs 3732 crore, its business is...

Adani Group, led by India's second richest man Gautam Adani, has exited AWL Agri Business (formerly known as Adani Wilmar) by selling its remaining 10.42 per cent stake in the company for Rs 3,732 crore through open market transactions, according to the BSE data.

Adani Commodities LLP (ACL), a subsidiary of Adani Enterprises, offloaded a total of 13,54,82,400 equity shares in 11 tranches on Friday, amounting to a 10.42 per cent stake in AWL Agri Business, as per the block deal data on the BSE. The transaction was valued at around Rs 3,732.54 crore and executed at an average price of Rs 275.50 apiece.

On July 17, billionaire Gautam Adani-promoted Adani Group said it has sold a 20 per cent stake in AWL Agri Business to Wilmar International Singapore for Rs 7,150 crore, as part of its decision to exit the FMCG business and focus on the infrastructure vertical. In January, ACL had already sold a 13.51 per cent stake in AWL through the offer for sale route, generating Rs 4,855 crore.

AWL Agri Business

It is an Indian multinational food and beverage conglomerate based in Ahmedabad. The company sells edible oil and other food products under the Fortune brand. Shares of AWL Agri Business slipped 1.31 per cent to close at Rs 274.60 apiece on the BSE. Its market cap stands at Rs 35568 crore as of July 18.

READ | Days after Air India plane crash, Tata Group sets up Rs 500 crore....

Who bought AWL Agri Business shares?

Quant Mutual Fund (MF), IDFC MF, Bandhan MF, Jupiter Fund Management, Morgan Stanley Asia Singapore, US-based Susquehanna International Group, Franklin Templeton, Vanguard, and Singapore-based Duro Capital were among the buyers of AWL Agri Business shares on the BSE. Dubai-based Shajaeatan Investment FZCO purchased a little over 11.07 crore equity shares or 8.52 per cent in AWL Agri Business for Rs 3,049.99 crore. 

Adani Group exits Adani Wilmar

In December last year, Adani Group had announced the divestment of its entire 44 per cent stake in AWL (formerly Adani Wilmar) to sharpen its focus on core infrastructure businesses. During the 2024-25 fiscal, AWL Agri Business Ltd had posted a net profit of Rs 1,225.81 crore on a total income of Rs 63,910.28 crore.

(With inputs from PTI)