Adani Exits Adani Wilmar, Divests 44% Stake via Wilmar Deal and OFS

31 Dec 2024 , 01:15 PM

Adani Enterprises Limited has announced that it would fully exit its joint venture, Adani Wilmar, in order to comply with public shareholding norms. AEL sold its remaining 13% stake through an Offer for Sale, while the remaining 31% stake is being bought by Lence, a subsidiary of Wilmar International.
The deal is valued at ₹305 per share and is expected to close by March 2025.

The proceeds from the divestment, which are estimated to be over $2 billion, will be invested in core infrastructure sectors such as energy, utilities, transport, and logistics.

After the exit, Wilmar International will hold a majority stake in Adani Wilmar. The nominee directors of AEL will resign, and efforts will be made to rename the company to AWL Limited or any other name approved by the authorities.

This is the first big sale by the Adani Group since the DoJ indictment in November. The Adani Group had held 44% of Adani Wilmar, which had to be diluted to meet the regulatory requirement of 75% public shareholding by February.

Adani Wilmar is a leading FMCG player that caters to over 30,600 rural towns in India and exports to more than 30 countries. Since its 2022 IPO, Adani Wilmar has had an expansion on manufacturing and expanded its product base to reach the market capital of ₹42,785 crore Adani Group companies have fetched $4.5 billion together in funds wherein Adani enterprises raised $500 million in the month of October.