Mon Dec 30 21:25:07 UTC 2024: **Adani Enterprises to Exit Adani Wilmar, Selling 44% Stake**
MUMBAI, INDIA – Adani Enterprises, the flagship company of the Adani Group, announced its complete exit from Adani Wilmar, selling its entire 44% stake. The sale will be executed in two phases. In the first phase, 31.06% of Adani Wilmar will be transferred to Lence Pte Lte, a wholly-owned subsidiary of Wilmar International, through a call/put option mechanism. The remaining 13% will be sold to maintain minimum public shareholding requirements.
The deal, signed on December 30th, is expected to result in the resignation of Adani Commodity LLP (ACL)-nominated directors from Adani Wilmar’s board. The company will also undergo a name change, with possibilities including AWL Agri Business Limited or Fortune Agri Business Limited, subject to ministerial approval.
The announcement follows months of speculation regarding Adani Group’s plans to divest its stake in Adani Wilmar. At market close on Monday, Adani Wilmar shares were trading at ₹329.50 on the BSE, down 46% over the past two years. Conversely, Adani Enterprises shares saw a 7% surge, closing at ₹2593.45.
(This is not investment advice. The stock market involves risks. Consult with experts before making any investment decisions.)
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