Adani Enterprises Set to Generate Over $2 Billion by Exiting Adani Wilmar Joint Venture
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Ahmedabad, Dec 30 (NationPress) Adani Enterprises Ltd (AEL) has confirmed its decision to exit Adani Wilmar Ltd (AWL) by selling off its complete 44 per cent stake in the joint venture, thereby aiming to raise over $2 billion.
AEL will divest 13 per cent of its shares in Adani Wilmar to meet the minimum public shareholding requirements through an offer for sale.
Furthermore, Wilmar International Ltd. has consented to purchase the 31 per cent stake owned by the Adani flagship in the edible oil company.
As of December 27, Adani Wilmar reported a market capitalisation of Rs 42,785 crore (approximately $5.0 billion).
A statement from the company indicated that Adani Enterprises, alongside its subsidiary Adani Commodities LLP, and Lence Pte Ltd, a fully-owned subsidiary of Wilmar International, have reached an agreement whereby Lence will acquire shares of Adani Wilmar held by AEL as of the exercise date of either the call option or put option, regarding up to a maximum of 31.06 per cent of AWL's existing paid-up equity share capital.
The board of directors at AEL has passed a resolution acknowledging the resignation of ACL's nominee directors from the Adani Wilmar board. Both parties have agreed to initiate further actions for the renaming of 'Adani Wilmar Ltd', as indicated in the stock exchange filing.
The shares will be sold to Lence at a price mutually agreed upon, although it will not exceed Rs 305 per share, as stated in the filing.
As of September, both Adani Commodities and Lence each owned 43.94 per cent based on the shareholding pattern on the BSE.
The funds generated from this sale will be directed towards enhancing investments in core infrastructure platforms related to energy and utility, transport and logistics, as well as other adjacent sectors in primary industries.
AEL has asserted its commitment to continue investing in infrastructure sectors, which will further solidify its status as India’s largest listed incubator of platforms that are essential to the significant macro themes driving India's growth trajectory.
Adani Wilmar boasts comprehensive urban coverage and has a presence in over 30,600 rural towns across India, exporting to more than 30 countries worldwide.
