Adani Enterprises Ltd on Monday announced its decision to fully exit its 44 per cent holding in Adani Wilmar Ltd, in a bid to shift focus on its infrastructure platforms. The exit will take place in two phases with the first being a stake sale to Wilmar International’s wholly-owned subsidiary, Lence Pte Ltd, and a partial divestment to meet public shareholding requirements.
As part of the agreement signed on December 30, 2024, the company informed the exchanges that Lence Pte Ltd will acquire up to 31.06 per cent of AWL’s equity shares held by Adani Commodities LLP (ACL), a wholly-owned subsidiary of Adani Ent. The transfer will be done through a call or put option mechanism.
Additionally, Adani Enterprises will divest approximately 13 per cent of its shares in Adani Wilmar to ensure compliance with the minimum public shareholding norms.
As of December 27, 2024, Adani Wilmar’s market capitalization stood at Rs 42,785 crore.
Adani Enterprises closed around 7 per cent up at Rs 2,585 per share on Monday, while Adani Wilmar shares closed 1.81 per cent down at Rs 323.25 a piece.
In conjunction with this stake sale, Adani Commodities’ nominee directors on the FMCG company board will resign.
The parties have agreed to initiate steps to rebrand Adani Wilmar Ltd under a new name like “AWL Limited” or “AWL Agri Business Limited” or “Fortune Agri Business Limited” or such other name as approved by the Ministry of Corporate Affairs.
Meanwhile, Adani Enterprises plans to utilize the funds from the sale to solidify its investments in core infrastructure sectors, including energy and utilities, transport and logistics, and other industrial verticals.
The proposed transaction is subject to customary conditions, including requisite regulatory approvals, the company said.