NEW DELHI: Paving the way for a potential stake sale, Adani Group flagship company - Adani Enterprises (AEL) - will transfer its stake in Adani Wilmar (AWL) to its shareholders.
AEL, at present, holds a 43.94% stake in Adani Wilmar through Adani Commodities LLP. Post the restructuring, the shareholders of AEL will directly own Adani Wilmar shares. Shareholders will receive 251 shares of Adani Wilmar for every 500 Adani Enterprises shares they hold.
”The food FMCG business and other businesses of the demerged company are capable of attracting a different set of investors, strategic partners, lenders and other stakeholders,” said AEL in a statement. Adani Wilmar is a joint venture between the Adani Group and Singapore-based Wilmar Group.
It added, “There are also differences in the manner in which the Food FMCG Business and other businesses of the Demerged Company are required to be handled and managed. In order to lend greater/enhanced focus to the operation of the said businesses, it is proposed to reorganize and segregate the food FMCG business by way of demerger and transfer the same to the resulting company.”
Following the demerger, the promoter stake in Adani Wilmar, including Wilmar International will be reduced to 76.7% from 87.8%. “This demerger is in line with AEL’s incubation strategy, which includes demerging of the business once it is self-sustained and properly established. In the past, AEL has demerged businesses including Adani Green Energy, Adani Energy Solutions once they became self-sustaining,” said the company.