Adani Enterprises to raise more than $2 billion in funds by ending joint venture with Wilmar
New Delhi| Adani Enterprises Limited (AEL) announced that it will raise more than $2 billion by selling its entire 44 percent stake in ‘Adani Wilmar’, a joint venture with Wilmar International. Adani Enterprises will sell its 13 per cent stake in Adani Wilmar through a sale offer to comply with minimum public shareholding requirements.
Additionally, the remaining 31 percent shares of Adani Wilmar will be bought by Wilmar International Limited from Adani Group’s flagship company. Adani Wilmar’s market capitalization stood at Rs 42,785 crore ($5 billion) as of December 27.
According to a company statement, “Adani Commodities LLP, a subsidiary of Adani Enterprises, and Lens Pte Ltd, a wholly owned subsidiary of Wilmar International, have entered into an agreement through which ACL will continue to operate till the date of exercise of the lens, call option or put option.” Will acquire shares of Adani Wilmar held by. That would be a maximum of 31.06 percent of Adani Wilmar’s current total paid-up capital”
The filing explained that the shares would be sold to Lens at a price that would be mutually agreed between the two parties, but would not exceed Rs 305 per share. Present on the Bombay Stock Exchange (BSE), Adani Commodity and Lens each hold a 43.94 per cent stake in Adani Wilmar, according to shareholding patterns.
The proceeds from this sale will be used by AEL to increase its investment in infrastructure platforms in energy and utility, transportation and logistics and other primary businesses. AEL said it will continue to invest in the infrastructure sector. This will further strengthen its position as India’s largest empaneled incubator. Adani Wilmar has 100 percent urban coverage and has a presence in over 30,600 rural towns in India and the company exports its products to over 30 countries.
