Adani Enterprises Unveils Plan to Sell 44% Stake in Joint Venture Adani Wilmar Ltd for $2 Billion

New Delhi: Adani Enterprises Ltd (AEL), a flagship company under the Adani Group, has announced its intention to sell its entire 44 per cent stake in its joint venture Adani Wilmar Ltd (AWL) to partner Wilmar International's wholly-owned subsidiary Lence Pte. for a whopping $2 billion.

The agreement, signed on Monday, marks a significant development in the company's strategy to divest its stake in the joint venture. As per the shareholding pattern as of September 30, AEL's wholly-owned arm Adani Commodities and Lence Pte owned 43.94 per cent stake each in AWL, while promoter holdings stood at 87.87 percent.

The sale includes a deal for a simultaneous right of call option and put option to buy and sell the shares on AWL held by AEL, with the total number of shareable up to 403 million shares representing 31.06 per cent of the paid-up capital. The price per share will not exceed Rs 305 according to the terms set out in the agreement.

This decision comes amidst other recent moves by the company, including the resignation of two directors Pranav V Adani and Malay Mahadevia from AWL's board along with their membership in relevant committees. They attributed their resignation solely to the Wilmar agreement without citing any other reasons in their letters.

In related news, AWL informed that it is planning to change its name to “AWL Limited” or “Fortune Agri Business Limited,” subject to approval by shareholders and relevant authorities under the Ministry of Corporate Affairs.

Adani Enterprises shares surged 7.65 per cent on Monday to close at Rs 2593.45 following these developments, indicating a potential market reaction to the news before its official announcement.