[theold]

The divestment marks the Indian conglomerate’s first major transaction since the US indictment of its billionaire founder in November and will see Wilmar acquire the group’s 31 per cent stake in Adani Wilmar at a per-share price not exceeding 305 rupees.

The deal comes a month after US authorities accused founder Gautam Adani and some top executives of being part of a scheme to pay bribes worth US$265 million to secure Indian power supply contracts. The Adani Group has called the charges “baseless”.

However, the indictment had major ripple effects as French oil major TotalEnergies decided to pause investments in the group, Adani Green shelved a US$600 million bond issue, while credit rating agencies flagged risks to the group’s access to funding.

https://www.malaymail.com/news/singapore...eal/161610