Adani Wilmar Ltd.'s promoters have proposed to sell stakes in the company to comply with the minimum public shareholding norms.
Promoters Adani Commodities LLP and Lence Pte have conveyed their intention to divest part of their shareholding to comply with minimum public shareholding norms, an exchange filing said on Friday.
The promoters will sell up to a 1.24% stake between Dec. 26 and Jan. 31, it said.
Adani Commodities and Lence held 43.97% stakes each in the company as of September.
Shares of Adani Wilmar closed 3.91% higher at Rs 365.25 apiece on the NSE, as compared with a 0.44% advance in the benchmark Nifty 50.
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