Adani Enterprises Limited (AEL) Adani Group’s flagship company has announced its exit from the FMCG company Adani Wilmar Joint Venture. It is selling its entire 44% stake in Adani Wilmar Joint Venture.
Adani Enterprises said in a stock exchange filing on December 30 that it will sell about 13% of its shares in Adani Wilmar to comply with the minimum public shareholding requirements.
Apart from this, an agreement has been signed between Adani Enterprises, Adani Commodities LLP (ACL) and Lens Private Limited. Under this agreement, Lens Private Limited will buy the equity shares of Adani Wilmar held by Adani Commodities LLP. This purchase will be of the remaining 31.06% stake.
The group’s total 44% stake in Wilmar will be sold
ACL is a wholly-owned subsidiary of Adani Enterprises. Lens is a wholly-owned subsidiary of Wilmar International Limited. In this way, a total of 44% stake in Adani Wilmar will be sold by Adani Group in two phases.
After this, Adani Enterprises will completely exit Adani Wilmar. Wilmar International will get 31% stake of Adani Enterprises in Adani Wilmar.
Enterprises to get ₹17,101 crore from stake sale
About $2 billion or Rs 17,101 crore will be raised through the sale of Adani Enterprises’ stake in Adani Wilmar. Adani Group will use this fund in its ‘core infrastructure platforms’.
Wilmar shares today closed down 1.81% at Rs 323
Adani Wilmar’s stock closed at Rs 323.25 today with a fall of 1.81%. The company’s stock has risen 5% in the last 1 month. At the same time, its stock has fallen 2.81% in six months and 12% in one year. The company’s market cap is Rs 42.71 thousand crores.
Enterprises stock gained 7.26% to Rs 2,585
At the same time, Adani Enterprises’ shares saw a rise. Its share closed at Rs 2,585 with a rise of 7.26%. The company’s share has risen by 5.21% in one month. At the same time, its share has fallen by 18.81% in six months and 11.39% in one year. The company’s market cap is Rs 2.99 lakh crore.
