Adani Wilmar Gets Shareholders' Nod For Name Change To AWL Agri Business

Adani Wilmar Ltd. received majority shareholder approval to change the name of the company to AWL Agri Business. Up to 99.99% of the total votes polled were in favour of the name-change resolution, according to an exchange filing.

Adani Enterprises Ltd. on Monday announced that it will exit Adani Wilmar Ltd. by divesting its entire 44% stake in the joint venture Adani Wilmar Ltd. that will raise over $2 billion.

Adani Enterprises will divest 13% of its shares in Adani Wilmar to achieve compliance with minimum public shareholding requirements, via an offer for sale. In addition, Wilmar International Ltd. has agreed to acquire the 31% stake held by the Adani flagship company in the edible oil maker.

Adani Enterprises, subsidiary Adani Commodities LLP, and Lence Pte Ltd, a wholly owned subsidiary of Wilmar International, have entered into an agreement. Through the agreement, Lence will acquire shares of Adani Wilmar held by ACL, in respect of a maximum of 31.06% of the existing paid-up equity share capital of AWL, the filing said.

The exercise of the call and put options can only occur after 12 months from the agreement date, in accordance with applicable laws.

Adani and Wilmar will explore and assess alternative options to speed up the sale and purchase of the shares, as long as these options comply with the law. This will happen as soon as Adani Wilmar meets the minimum public float under the relevant regulations.

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