Adani Wilmar shares in focus as Adani Enterprises to exit Wilmar JV in $2 billion deal
Adani Wilmar shares will be in the spotlight on Tuesday as Adani Enterprises (AEL) is set to exit its 25-year-old joint venture with Wilmar International through a $2 billion deal. AEL plans to redirect the funds toward its core infrastructure platforms, including energy, utilities, transport, and logistics.
Singapore-based Wilmar is seeking strategic investors to replace Adani in the venture.
AEL plans to offload its nearly 44% stake in Adani Wilmar Ltd (AWL) in two parts. It will first sell about 13% stake to meet public shareholding norms. The promoters currently hold 88% of the company. Wilmar will acquire the remaining 31% stake, which will increase its holding to nearly 75% from 44%.
The Indian company will sell the 31% stake to Wilmar at a maximum price of Rs 305 per share, according to an exchange notification. AEL will offload the 13% stake in the markets at around the same price, according to people with knowledge of the matter.
Following the development, Adani Wilmar shares closed Monday at Rs 329.50, down marginally by 0.17%, for a market capitalisation of Rs 42,824 crore. AEL investors cheered — the stock surged 7.65% to Rs 2,593.45.
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