New Delhi | Adani Group has sold a 20 per cent stake in AWL Agri Business Ltd (formerly known as Adani Wilmar Ltd) to Wilmar International, Singapore, for Rs 7,150 crore, as part of its decision to exit the FMCG business and focus on the infrastructure vertical.
As per the regulatory filing on Thursday, Adani Commodities LLP (ACL), a subsidiary of Adani Enterprises, will soon sell the residual 10.42 stake in AWL Agri Business Ltd, leading to a complete exit from the FMCG business.
In January, ACL had already sold a 13.51 per cent stake in AWL through the offer for sale route, generating Rs 4,855 crore.
Adani Group is expecting over Rs 15,700 crore from complete divestment of its 44 per cent stake in AWL Agri Business, which sells edible oil and other food products under Fortune brand.
In December last year, Adani Group had announced divestment of its entire 44 per cent stake in AWL to sharpen its focus on core infrastructure businesses.
In a regulatory filing, Adani Enterprises informed that the Board has approved the execution of the share purchase agreement amongst itself, ACL and Lence (part of Wilmar Group).
As per the agreement, ACL will sell up to 20 per cent stake in AWL Agri Business to Lence at Rs 275 per share, in a deal valued at Rs 7,150 crore.
ACL, which currently has a 30.42 per cent stake in AWL Agri Business, will soon divest the remaining 10.42 per cent stake to investors.
Adani Group and Singapore-based Wilmar Group together held around 88 per cent in the company (44 per cent each).
In January 2025, AEL/ACL sold 13.5 per cent of its shareholding in AWL at Rs 276.51 per share.
This was done so that more of the company's shares are owned by the public, as required by minimum public shareholding requirements.
Following the latest transaction, Wilmar International will become the majority shareholder in AWL Agri Business with a 64 per cent holding, overtaking Adani.
Adani Enterprises Ltd in a stock exchange filing said it, ACL and Lence have entered into a share purchase agreement (SPA), under which "Lence has agreed to purchase, and ACL has agreed to sell up to a maximum of 259,935,721 equity shares representing up to 20 per cent of the issued and paid-up equity share capital of AWL Agri Business Ltd held by ACL and not less than 142,964,647 equity shares representing 11 per cent of the issued and paid-up equity share capital of the AWL, at a price per sale share of an amount of Rs 275."
As per the filing, Adani Enterprises informed that Wilmar Group will rope in strategic investors if they decide to buy between 11 per cent and 20 per cent of the stake from ACL.
"The residual 10.42 per cent of the issued and paid-up equity share capital of AWL currently held by ACL will be sold to a set of pre-identified investors, prior to the consummation of the above transactions," Adani Enterprises said.
Pursuant to the completion of these transactions, ACL would completely exit AWL.
"These transactions shall result in a cash realisation of Rs 10,874 crore in ACL. In addition, Rs 4,855 crore have already been realised by ACL through the offer for sale undertaken in January 2025, resulting in a total realisation of Rs 15,729 crore for ACL," the filing said.
