Adani to Exit Wilmar JV: Sells 44% Stake to Raise ₹17,101 Crore
Adani Group to Exit Adani Wilmar JV: Sells 44% Stake
Adani Enterprises Limited (AEL), the flagship company of the Adani Group, has announced its exit from the joint venture with FMCG company Adani Wilmar. Adani Enterprises plans to sell its entire 44% stake in the joint venture.
On December 30, AEL disclosed in a stock exchange filing that it would sell approximately 13% of its shares in Adani Wilmar to comply with minimum public shareholding requirements.
Additionally, a deal has been signed between Adani Enterprises, Adani Commodities LLP (ACL), and Lence Private Limited. Under this agreement, Lence Private Limited will acquire equity shares of Adani Wilmar held by Adani Commodities LLP. This purchase will cover the remaining 31.06% stake.
Adani Group to Sell Total 44% Stake in Two Phases
ACL, a wholly-owned subsidiary of Adani Enterprises, will facilitate this transaction. Lence Private Limited, a wholly-owned subsidiary of Wilmar International Limited, will acquire the shares. As a result, Adani Group will sell its total 44% stake in Adani Wilmar in two phases.
Following this, Adani Enterprises will completely exit Adani Wilmar, while Wilmar International will hold a 31% stake in the company.
₹17,101 Crore to Be Raised Through Stake Sale
The stake sale is expected to generate approximately $2 billion or ₹17,101 crore for Adani Enterprises. The funds raised will be utilized for investments in Adani Group’s “core infrastructure platforms.”
Adani Wilmar Stock Performance
On December 30, Adani Wilmar’s stock closed at ₹323.25, a decline of 1.81%. Over the past month, the company’s shares have risen by 5%, but they have decreased by 2.81% in six months and 12% over the past year. The company’s market capitalization stands at ₹42,710 crore.
Adani Enterprises Stock Surges
Meanwhile, Adani Enterprises’ stock witnessed a surge, closing at ₹2,585, up by 7.26%. Over the last month, the shares have increased by 5.21%. However, they have declined by 18.81% over six months and 11.39% over the past year. The company’s market capitalization is ₹2.99 lakh crore.
