Adani Enterprises (AEL) announced on Monday, 30 December, its decision to completely exit its consumer goods joint venture, Adani Wilmar, where it holds a 44% stake. The divestment process will occur in two phases.
Under the agreement, Lence Pte, a fully-owned subsidiary of Wilmar International, will purchase 31.06% of Adani Wilmar’s paid-up equity shares from Adani Commodities, a wholly-owned arm of Adani Enterprises.
Wilmar will acquire this 31% stake at a price not exceeding Rs 305 per share.
In its regulatory filing, Adani Enterprises announced, “Adani Enterprises, Adani Commodities LLP (ACL), a wholly-owned subsidiary of AEL and Lence Pte Ltd (Lence), a wholly-owned subsidiary of Wilmar International have entered into an agreement on 30 December 2024 pursuant to which Lence will acquire all the paid-up equity shares of Adani Wilmar held by ACL as at the date of exercise of the call option or put option, as the case maybe, in respect of a maximum of 31.06% of the existing paid up equity share capital of Adani Wilmar.”
According to the agreement, Adani Enterprises will also divest approximately 13% of its shares in Adani Wilmar to meet the minimum public shareholding requirements.
Additionally, ACL-nominated directors Pranav V. Adani and Dr Malay Mahadevia will step down from Adani Wilmar’s board of directors.
Both companies have agreed to collaborate on renaming Adani Wilmar, with the name change to be implemented before or upon the completion of the transaction.
Adani Enterprises and Wilmar, the founding shareholders of Adani Wilmar, have built the FMCG giant into a company with a market capitalization of Rs 42,824.41 crore, operating across 30,600 rural towns in India and exporting to over 30 countries worldwide.
Proceeds from the divestment will enable Adani Enterprises to strengthen investments in its core sectors, including energy and utilities, transport, and logistics.
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