Adani Enterprises (AEL) has fully exited the Adani Wilmar JV, selling its 13% stake to meet the minimum public shareholding norm, with another 31% stake going to Wilmar International, a company filing informed stock exchanges on December 30. The divestment will raise proceeds worth over $2 billion, which Adani Enterprises said would be used in ‘core infrastructure platforms’.
Adani Enterprises, Adani Commodities LLP (ACL) and Wilmar International’s subsidiary Lence entered into an agreement, as per which Lence will acquire 31.06% stake in Adani Wilmar held by ACL, said the company statement.
The other part of the transaction involves Adani Enterprises divesting around 13% of its stake in Adani Wilmar to achieve compliance with minimum public shareholding requirements.
With this, AEL will be selling a total of 44% stake in Adani Wilmar as part of the exit, and Wilmar International will acquire up to 31% held by Adani Enterprises in Adani Wilmar, said the statement. “…with the completion of these two legs, AEL would completely exit its ~44% holding in Adani Wilmar,” it added.
