(Reuters) – India’s Adani Wilmar fell over 6% in early trade on Tuesday, a day after the Adani Group said it would sell its entire 44% stake in the consumer goods company in a $2 billion deal to focus on strengthening its infrastructure businesses.
The group will sell a 31% stake in Adani Wilmar to its joint venture partner, Singapore’s Wilmar International, at a maximum of 305 rupees per share, which is a 7.2% discount to the stock’s closing price on Monday.
Adani Wilmar’s shares dropped 6.4% to 307.10 rupees in early trading.
The Adani group will sell the remaining 13% stake in the edible oil maker in the open market, it said.
(Reporting by Ashna Teresa Britto; Editing by Savio D’Souza)
Disclaimer: This report is auto generated from the Reuters news service. ThePrint holds no responsibility for its content.