According to the corporate filing, the expansion was accomplished in spite of large price increases brought on by an increase in the cost of raw materials.
AEL sold its remaining 13% stake through an Offer for Sale, while the remaining 31% stake is being bought by Lence, a subsidiary of Wilmar International.
The dominant owners of Adani Wilmar currently hold 86.8% of the company, which is significantly more than the 75% maximum allowed.
Meanwhile, shares of Adani Ports and Adani Power rose 4.6%, Adani Green Energy rose 6.4%, and Adani Total Gas rose 5%.
Here are some of the stocks that may see significant price movement today: Titan Company, HDFC Bank, IndusInd Bank, etc.
The acquisition is part of AWL’s strategy to diversify and expand its footprint in the specialty chemicals sector.
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