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Will Adani Enterprises' share price exceed ₹2,600 by the end of Q1 2025?
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Gautam Adani•Adani Enterprises Ltd•AEL•Adani Wilmar Ltd•AWL•Wilmar International Ltd•Singapore•Wilmar International•Lence Pte Ltd•Adani Enterprises
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Bombay Stock Exchange (BSE) official stock price data
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Adani Enterprises Sells 44% Stake in Adani Wilmar to Wilmar for $2 Billion; Shares Jump 7%
Dec 30, 2024, 10:18 AM
Billionaire Gautam Adani's conglomerate, Adani Enterprises Ltd (AEL), announced on Monday that it will fully exit its joint venture Adani Wilmar Ltd (AWL) by divesting its entire 44% stake to its partner Wilmar International Ltd of Singapore. The exit involves selling 31.06% stake to Wilmar International's subsidiary, Lence Pte Ltd, at a price not exceeding ₹305 per share, and another 13% in the open market to meet minimum public shareholding norms, raising over $2 billion through the transaction. The proceeds from the stake sale are expected to boost AEL's core infrastructure businesses, improve liquidity, strengthen its financial position, and enhance consumer services, with completion expected by March 2025. Following the announcement, shares of Adani Enterprises surged nearly 7% on the BSE, reaching an intraday high of ₹2,505.5 per share amid positive growth projections for FY24.
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