As the year comes to a close, all eyes are on major stocks and the kind of return they are slated to make to their investors. Amidst this, a major development came to pass when Adani Group announced their plans to exist the Adani Wilmar joint venture on Monday, December 30.
Adani To Exist Wilmar
This exit from Wilmar International has sparked a reaction from the market. The shares of the joint venture listed on the National Stock Exchange (NSE) dropped by over 6 per cent in the early hours of the day’s trade on December 31.
When it comes to the deal, the company (Adani Commodities) is set to sell a 44 per cent stake in the FMCG company. In the bargain, Adani will reportedly raise close to USD 2 billion. This marks the end of a 25-year-old partnership that was started in 1999.
Fortune oil and Kohinoor basmati rice are some of the popular products sold under the Adani Wilmar banner.
In a statement issued through an exchange filling, the company said, “This disclosure is being made by Lence Pte Ltd (“Lence”) in relation to creation of encumbrance over the equity shares of Adani Wilmar Limited (“AWL”) pursuant an agreement between Lence, Adani Commodities LLP (“ACL”) and Adani Enterprises Limited executed on December 30, 2024 (“Agreement”) wherein, (a) Lence has an option to purchase from ACL; and (b) ACL has the option to sell to Lence, up to a maximum of 403,739,517 equity shares representing 31.06% of the existing paid up equity share capital of AWL held by ACL as at the date of exercise of the call option or put option, as the case may be, in accordance with applicable laws. Lence and ACL are the promoters of AWL.”
Wilmar International is a Singaporean food processing company founded in 1991.
Adani Wilmar Sharexs In Deep Decline
When we take a closer look at tech company shares, there was a mass exodus of the company shares in the intraday trade on Tuesday, December 31.
In fact, the company shares opened at a much lower rate than previous day’s closing. At 10:28 IST, the shares of Adani Wilmar stood at 7.19 per cent or Rs 23.65. This took the overall value of the company shares to Rs 305.10 per share.
