look news india
Adani Enterprises Limited, the flagship company of Adani Group, has decided to exit Adani Wilmar Limited. There was long speculation that Adani Group was planning to sell its stake in Adani Wilmar. Now this news has been confirmed.
Stake in Adani Wilmar
- Total stake: Adani Enterprises’ total stake in Adani Wilmar is 44%.
- Selling Process:
- The sale will be completed in two phases.
- Phase 1: Selling stake to Lence Pte Ltd, a wholly owned subsidiary of Wilmar International.
- Second phase: Partial sale under public shareholding rules.
Deal Details
Adani Enterprises informed the exchange that the deal was signed on December 30, 2024.
- In the first stage:
- Adani Commodity LLP (ACL), a subsidiary of Adani Enterprises, will sell its 31.06% stake to Lence Pte Ltd.
- This sale will be done through call and put option mechanism.
- In the second phase:
- The sale of the remaining 13% stake will be in keeping with the public shareholding rules.
Adani Wilmar shares performance
- Monday’s share price:
- The share price closed at ₹329.50 on BSE.
- Performance of last two years:
- The company’s shares have fallen by 46%.
- Adani Enterprises Shares:
- Closed at ₹2593.45 with a rise of 7% on Monday.
impact of change
- Resignation of directors:
- After completion of the sale, the nominee directors of Adani Commodity LLP will have to resign from the board of Adani Wilmar.
- New name of the company:
- The name of the company may be changed to AWL Agri Business Limited or Fortune Agri Business Limited.
- The new name will require the approval of the ministry.