Adani Enterprises to Exit Adani Wilmar: Adani Enterprises, the flagship company of Adani Group, has decided to exit Adani Wilmar Share. There was a strong discussion for a long time that Adani Group is trying to sell its stake in Adani Wilmar Limited. Today this matter was also approved.
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Adani Enterprises to Exit Adani Wilmar
According to the information given to the exchange, Adani Enterprises Limited has decided to exit Adani Wilmar Limited. Adani Group will complete its sale in two phases. Let us tell you, Adani Enterprises Limited’s total stake in Adani Wilmar is 44 %.In the first phase, Adani Group will sell its stake to Lence Pte Lte, a wholly owned company of Wilmar International. At the same time, the partial sale will be done keeping in mind the rules of public share holding.
Adani Enterprises to Exit Adani Wilmar: What is a Deal ?
The company has told the exchange that as per the deal signed on December 30, Lence Pte Lte will buy 31.06 percent stake of Adani Commodity LLP (ACL), a subsidiary of Adani Enterprises, in Adani Wilmar. This transfer will be done through call or put option mechanism.At the same time, the sale of 13 % stake will be done keeping in mind the rules of minimum public share holding.• Funds worth about $2 billion i.e. Rs 17,101 crore will be raised through the sale of Adani Enterprises’ stake in Adani Wilmar. Adani Group will use this fund in its ‘core infrastructure platforms’.
Adani Enterprises to Exit Adani Wilmar: Share Market Performance
At the time of market closing on Monday, the share price of Adani Wilmar was at the level of Rs 329.50 in BSE. The company’s share prices have declined by 46 percent in the last two years. On the other hand, shares of Adani Enterprises were up by 7 percent today at the level of Rs 2593.45.There was a rise in the shares of Adani Enterprises. Its shares closed at Rs 2,585 with a rise of 7.26%. The company’s shares have risen 5.21% in a month. Its share has fallen 18.81% in six months and 11.39% in one year. The market cap of the company is Rs 2.99 lakh crore.
He will have to Leave his Post
Apart from this, Adani’s nominee directors Pranav Adani and Malay Mahadevia will step down from the board of Adani Wilmar. After Adani’s exit, steps will be taken to change the name of the company.After the completion of this sale, the directors nominated by Adani Commodity will have to resign from the board of the MMCG company. At the same time, the name of the company will also change. The new name could be AWL Agri Business Limited, Fortune Agri Business Limited etc. The name will also have to be approved by the ministry.
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