Adani Enterprises Signs Rs 7,149 Crore Deal To Sell 20% Stake In AWL To Wilmar

Adani Enterprises Ltd. said on Thursday that it has signed an agreement to sell a 20% stake in AWL Agri Business Ltd. to Wilmar International’s subsidiary, Lence Pte Ltd, for Rs 275 per share, valuing the deal at Rs 7,149 crore.

The sale marks the next step in Adani’s planned divestment of its entire 44% stake in AWL and eventual exit from the FMCG joint venture. In January, Adani Commodities LLP, a wholly owned arm of Adani Enterprises, sold a 13.51% stake via an offer for sale at Rs 276.51 per share, fulfilling minimum public shareholding norms. That sale raised Rs 4,855 crore. Following this latest deal, Wilmar is set to become the majority shareholder, with a 64% holding in AWL. ACL currently holds 30.42% of AWL.

The companies also agreed to terminate an earlier agreement signed on Dec. 30 that had granted mutual call and put options for up to 31.06% stake in AWL at a price not exceeding Rs 305 per share. That agreement is now being cancelled through a termination agreement.

In January 2025, Adani Commodities had sold 175,601,314 shares, or 13.51% of AWL, through an offer for sale at Rs 276.51 per share, helping AWL meet the minimum public shareholding norms. Following this sale, Adani Commodities held 395,418,121 shares, or 30.42% of AWL.

Of this 30.42%, between 11% and 20% will now be sold to Lence, and the balance will be offered to strategic partners and investors brought in by Wilmar.

The remaining 10.42% stake currently held by Adani Commodities will be sold to pre-identified investors before the transaction with Lence is completed. After all transactions are closed, Adani Commodities will fully exit AWL, which will no longer be an associate company of Adani Enterprises.

The deal will bring in Rs 10,874 crore to Adani Commodities. This is in addition to the Rs 4,855 crore already raised through the offer for sale in January 2025, taking the total proceeds to Rs 15,729 crore.