Adani Ent to exit Adani Wilmar JV; Group shares rally up to 15% in weak mkt

AEL will use the proceeds from the sale to turbocharger its investments in the core infrastructure platforms in energy & utility, transport & logistics and other adjacency in primary industry.

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Shares of Adani Group companies rallied up to 15 per cent on the BSE in Monday’s intra-day trade after the group’s flagship company Adani Enterprises (AEL) today announced that the company will fully exit Adani Wilmar platform.

 

AEL will sell ~13 per cent in Adani Wilmar to achieve minimum public shareholding requirements and Wilmar International has agreed to acquire ~31 per cent held by AEL in Adani Wilmar. The proceeds from the sale will be utilized for turbo charging growth in the core infrastructure platforms in energy & utility, transport & logistics and other adjacencies in primary industry.

 

“It may be noted that with completion of these two legs, AEL would completely exit its ~44 per cent holding in Adani Wilmar. As on Friday, 27 December 2024, Adani Wilmar had market capitalisation of Rs 42,785 crore ($ 5.0 billion),” AEL said in an exchange filing.

 

AEL will use the proceeds from the sale to turbocharger 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, the company said.

 

Shares of AEL surged 8 per cent to Rs 2,609.85 amid heavy volumes. However, shares of Adani Wilmar down 2 per cent to Rs 321.65 on the BSE.

 

Among other Adani Group stocks, Adani Total Gas moved higher by 15 per cent to Rs 781.15, followed by Adani Power (10 per cent at Rs 558.70), Adani Green Energy (6 per cent at Rs 1,113.50) and Adani Energy Solutions (3 per cent at Rs 830.80). Ambuja Cements and ACC were trading flat. In comparison, the BSE Sensex was down 0.57 per cent at 78,248 at 03:30 pm.

 

In an exchange filing AEL said the company, Adani Commodities LLP (a wholly-owned subsidiary of AEL) and Lence Pte Ltd (Lence, a wholly owned subsidiary of Wilmar International Limited (Wilmar)) have entered into an agreement on 30 December 2024 pursuant to which Lence will acquire all the paid-up equity shares of Adani Wilmar 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 per cent of the existing paid up equity share capital of AWL.

 

In addition, it has been agreed between the parties that AEL will divest ~13 per cent shares in Adani Wilmar to achieve compliance with minimum public shareholding requirements, the company said.

 

The transaction is subject to customary condition precedents including receipt of applicable regulatory approvals, AEL said.