Adani Enterprises (AEL), Adani Commodities LLP (ACL, a
wholly-owned subsidiary of AEL) and Lence Pte (Lence, a wholly owned subsidiary
of Wilmar International (Wilmar)) have entered into an agreement on December
30, 2024, wherein Lence will acquire all the paid-up equity shares of Adani
Wilmar (AWL) 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 AWL.
In addition, AEL will divest around 13% shares in Adani
Wilmar to achieve compliance with minimum public shareholding requirements.
With completion of these two legs, AEL would completely exit its around 44%
holding in Adani Wilmar. As on December 27, 2024, Adani Wilmar had market
capitalization of Rs 42,785 crore ($5.0 billion).
In consideration of the above, AEL’s board of directors has
adopted a resolution noting the resignation of ACL’s nominee directors from the
board of Adani Wilmar. The parties have agreed to take further steps for change
of name of ‘Adani Wilmar’.
AEL will use the proceeds from the sale to turbocharge its investments in the core infrastructure platforms in energy & utility, transport & logistics and other adjacencies in primary industry. AEL will continue to invest in infrastructure sectors which will further strengthen AEL’s position as India’s largest listed incubator of platforms playing the key macro themes underpinning India’s growth story.
Source: Ace Equity
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