Adani Enterprises Ltd (AEL) on Monday announced that it will exit Adani Wilmar Ltd (AWL) by divesting its entire 44 per cent stake in the joint venture to raise over $2 billion.

Adani Enterprises will divest 13 per cent of its shares in Adani Wilmar to achieve compliance with minimum public shareholding requirements via an offer for sale.

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In addition, Wilmar International Ltd. has agreed to acquire the 31 per cent stake held by the Adani flagship in the edible oil maker.

Adani Wilmar had a market capitalisation of Rs 42,785 crore ($5.0 billion) as on December 27.

According to a company statement, Adani Enterprises, subsidiary Adani Commodities LLP, and Lence Pte Ltd, a wholly-owned subsidiary of Wilmar International, entered into an agreement through which Lence will acquire shares of Adani Wilmar held by ACL as of the date of exercise of the call option or put option, as the case may be, in respect of a maximum of 31.06 per cent of the existing paid-up equity share capital of AWL.

AEL’s board of directors has adopted a resolution, noting the resignation of ACL’s nominee directors from the board of Adani Wilmar. The parties have agreed to take further steps for the change of name of ‘Adani Wilmar Ltd’, the stock exchange filing read.

The shares will be sold to Lence at a price that is mutually agreed upon by the parties, provided that such price per share shall not exceed Rs 305, the filing said.

As of September, Adani Commodities and Lence held a 43.94 per cent stake each, based on the shareholding pattern on the BSE.

AEL will use the proceeds from the sale to turbocharge its investments in the core infrastructure platforms in energy and utility, transport and logistics, and other adjacencies in primary industry.

AEL said it will continue to invest in infrastructure sectors, which will further strengthen its position as India’s largest listed incubator of platforms playing the key macro themes underpinning India’s growth story.

Adani Wilmar has 100 per cent urban coverage and presence in over 30,600 rural towns in India and exports to over 30 countries globally.