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Adani Enterprises Ltd., the flagship company of the Adani Group, has announced that it will exit the Joint Venture stake that it holds in Adani Wilmar Ltd.
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In an exchange filing on Monday, December 30, Adani Enterprises said that it will sell 13% stake in Adani Wilmar to achieve minimum public shareholder requirements. However, the company has not specified how will this stake be divested.
Additionally, Wilmar International has agreed to buy the remaining 31% stake that Adani Enterprises owns in Adani Wilmar.
Shares of Adani Wilmar reversed losses of the day to gain as much as 2.4%, while Adani Enterprises shares built on to their gains on Monday and are now trading 7.7% higher at ₹2,595.
This is a developing story.
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