The two promoter entities of Adani Wilmar Limited (NSEI:AWL) plan to sell up to 16 million shares or 1.24% stake in the company as part of the programme to meet the minimum public shareholding norm. In an exchange filing, the edible oils seller said the promoter entities, Adani Commodities LLP and Lence Pte. Ltd., had communicated their intention to divest part of their shareholding during December 26 to January 31, 2024.

Currently, the promoter shareholding in the company is at 87.94%; under the Securities and Exchange Board of India regulations, the minimum public stake should be 25%. Companies have to comply with this requirement within three years of being listed. Adani Wilmar, which listed on February 8, 2022, has time till early 2025 to comply with the norm.

There have also been reports of the Adani Group looking to exit the venture with Wilmar.