Adani Enterprises Limited — Important, 30-12-2024: Agreements

Adani Enterprises Limited, through its subsidiary Adani Commodities LLP, has signed an agreement with Lence Pte. Ltd. This agreement grants reciprocal call and put options regarding the purchase and sale of up to 403.74 million equity shares, which constitute 31.06% of Adani Wilmar Limited's paid-up capital. The transaction will only proceed once specific customary conditions are met, including compliance with minimum public shareholding requirements.

The exercise of the options will occur 366 days post-agreement execution, with a six-month window for completion thereafter. The share price will be mutually decided but capped at INR 305. Additionally, significant efforts will be made to expedite the transaction, including possible changes in Adani Wilmar's name.

Notably, Mr. Pranav V. Adani and Dr. Malay Mahadevia, directors representing ACL on Adani Wilmar's board, will resign upon the agreement's execution. This strategic move could enhance Adani Wilmar's market positioning and investor appeal, warranting close observation from shareholders.