Shares of Adani Wilmar plunged nearly 7% on December 31 after Adani Enterprises announced its decision to exit the joint venture with Singapore’s Wilmar International. The Adani Group is selling its entire 44% stake in Adani Wilmar as part of a $2 billion deal. The sale price of Rs 305 per share, representing a 7% discount to the stock’s previous closing price, contributed to the sharp decline.
Shares of Adani Enterprises, the flagship entity of the Adani Group, traded over 2% lower on the morning session. Confirming the deal, the company said its wholly owned subsidiary, Adani Commodities LLP, and Lence, a wholly-owned unit of Wilmar International, have executed the definitive agreement for the sale of the stake.
The stake sale, also involving an OFS and a direct transfer of the stake to Wilmar International, will bring in over $2 billion for Adani Enterprises. The deal, likely to be concluded by March 2025, is expected to further bolster the liquidity position of the conglomerate against the backdrop of its ongoing legal battles in the U.S. over bribery scandals.
Adani Enterprises said in a release that the funds raised would be used to further growth initiatives of the company. The group continues to stay committed towards its investment plans in its infrastructure sectors including green hydrogen, data centres, digital platforms and consumer services under its aero biz verticals. Earlier in October, Adani Enterprises raised $500 million. Other group companies, including Adani Green Energy, Adani Energy Solutions, and Ambuja Cement, have together secured funding of $4.5 billion in recent months.
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Source: Moneycontrol
News Desk
