 "Adani Wilmar promoters to divest stake by 1.24% for Sebi compliance")
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Edible oil and FMCG manufacturer Adani Wilmar on Saturday informed that its promoters will offload 1.24 per cent stake to comply with the minimum public shareholding norms of the Securities and Exchange Board of India (Sebi).
Adani Commodities and Lence Pte, the promoters of the company, will be divesting part of their shareholding, Adani Wilmar said in an exchange filing.
The divestment is to be done by January 31, 2024.
Under the Sebi rules, listed companies need to have at least 25 per cent minimum public shareholding.
At the end of September 2023, Adani Commodities and Lence Pte each own 43.97 per cent stake in the company taking the total promoter shareholding in the firm to 87.94 per cent. Lence Pte is also a part of the promoter group.
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