Adani Wilmar shares jump over 6% as Adani Enterprises to demerge food FMCG biz
FMCG firm Adani Wilmar jumped 6.4% to Rs 370.7 in Friday's intraday trade on BSE after billionaire Gautam Adani's flagship entity Adani Enterprises on Thursday approved the demerger of the company's food FMCG business to Adani Wilmar.
«It is believed that the proposed demerger will unlock the direct value of the demerged company’s shareholders into the resulting company and allow a focused strategy and specialization for sustained growth for enhanced value, which would be in the best interest of all the stakeholders and the persons connected with the aforesaid companies,» Adani Enterprises said in an exchange filing.
The demerger scheme also includes Adani Enterprises' strategic investment in Adani Commodities.
Adani Enterprises said the food FMCG business has become self-sustained, performing well and poised for further growth under Adani Wilmar.
«The nature of risk, competition, challenges, opportunities and business methods for food FMCG business is separate and distinct from other businesses being carried out by the Demerged Company. The food FMCG business and the other businesses of the demerged company are capable of attracting a different set of investors, strategic partners, lenders and other stakeholders,» Adani Enterprises said while proposing to reorganize and segregate the food FMCG business by way of demerger.
The demerger will also provide scope for independent collaboration and expansion, it said.
In the meantime, Adani Wilmar reported a consolidated net profit of Rs 313.2 crore for the quarter
