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Adani Enterprises Ltd. and Wilmar International Ltd. have selected banks to help with the sale of a minority stake in their consumer joint venture Adani Wilmar Ltd., according to people familiar with the matter.
Jefferies Financial Group Inc., Nuvama Wealth Management Ltd. and SBI Capital Markets are working with Adani Enterprises and Wilmar on their divestment plans, the people said, asking not to be identified discussing confidential information.
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Deliberations are ongoing and the bank lineup could still change, the people said. Representatives for the Adani group and Nuvama did not offer any immediate comments, while representatives for Jefferies, SBI Capital and Wilmar International declined to comment.
The owners of Adani Wilmar are considering selling a 13 per cent stake in the Mumbai-listed company as Indian regulations require that large firms must have at least 25 per cent of their shares available to the public within three years of listing, Bloomberg News reported on Tuesday. The stake could be worth about $660 million based on the current stock price. A sale could take place as soon as in the coming months, people familiar with the matter have said.
Adani Wilmar has 23 plants in India and offers products such edible oil, wheat flour, rice, pulses and sugar, with a market value of about $5 billion. Adani Enterprises and Wilmar together own about 88 per cent of the joint venture. The Adani group had explored selling its 44 per cent stake in Adani Wilmar last year, Bloomberg News reported at the time.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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