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.
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