Adani Wilmar share slips 7.5% after Adani announces exit from joint venture

In early trading, the stock fell by as much as 7.52 percent to Rs 304 on the National Stock Exchange, and by 9:30 am, it was trading 7.12 percent lower at Rs 305.35.

Adani Enterprises, led by billionaire Gautam Adani, announced on Monday (Dec. 30) that it would divest its entire stake in the consumer goods venture, Adani Wilmar, valued at over $2 billion.

Adani Enterprises holds a 43.94 percent stake in the joint venture and will sell 31.06 percent of it to Wilmar International and the remaining 13 percent in the open market.

The conglomerate will sell 40.37 crore shares to Wilmar at a price not exceeding Rs 305 per share, aiming to raise Rs 12,314 crore.

Following the sale, Adani Enterprises will completely exit Adani Wilmar, and its nominee directors will step down from the board.

The transaction is expected to be completed before March 31, 2025.

The proceeds from the sale will be used to drive growth in Adani Enterprises' core infrastructure businesses.

The agreement was formalised on Dec.r 30, 2024, between Adani Enterprises, Adani Commodities LLP, and Lence Pte Ltd, a subsidiary of Wilmar International.

The deal involves the acquisition of Adani Wilmar’s shares, with a portion of the stake being sold to ensure compliance with public shareholding requirements, though further details were not disclosed.