AWL Agri Business Fully Utilizes Rs. 36,000 Million IPO Proceeds, Reports Monitoring Agency

AWL Agri Business Limited (formerly Adani Wilmar Limited) has announced the complete utilization of its Initial Public Offering (IPO) proceeds, as reported in its quarterly monitoring agency report for the period ending September 30, 2025. The company had raised Rs. 36,000 million through its IPO and has successfully deployed the funds across various strategic initiatives.

Breakdown of Fund Utilization

According to the monitoring report issued by HDFC Bank Limited, the designated monitoring agency, AWL Agri Business has allocated the IPO proceeds as follows:

Object	Amount (Rs. in millions)	Status
Capital Expenditure	19,000.00	Fully Utilized
Repayment of Borrowings	10,589.00	Fully Utilized
Strategic Acquisitions	4,500.00	Fully Utilized
General Corporate Purposes	971.18	Fully Utilized
Total	35,060.18	Fully Utilized

Timeline Extensions and Adjustments

The company had initially planned to utilize Rs. 4,500.00 million for strategic acquisitions by fiscal 2024. However, as of December 30, 2023, only Rs. 1,478.28 million had been spent on this objective. In response, the Board of Directors approved an extension for deploying the remaining Rs. 3,021.72 million by the end of fiscal year 2025.

Additionally, the Board of Directors, through a circular resolution dated March 29, 2025, approved an extension for deploying any unutilized amounts earmarked for Strategic Acquisition, Capital Expenditure, and General Corporate Purposes until September 30, 2025.

Transparency and Compliance

AWL Agri Business has demonstrated its commitment to transparency by providing detailed breakdowns of fund utilization and obtaining necessary approvals for timeline extensions. The company has complied with regulatory requirements, including those set by the Securities and Exchange Board of India (SEBI) for listing obligations and disclosure requirements.

Management Changes

In related news, AWL Agri Business has updated its list of Key Managerial Personnel (KMP) authorized to determine the materiality of events or information for disclosure to stock exchanges. The updated list includes:

Mr. Angshu Mallick - Executive Deputy Chairman
Mr. Shrikant Kanhere - Managing Director and Chief Executive Officer (CEO)
Mr. Pankaj Goyal - Interim Chief Financial Officer (CFO)
Mr. Darshil Lakhia - Company Secretary

These appointments reflect the company's ongoing efforts to maintain strong corporate governance and ensure efficient management of its operations.

The full utilization of IPO proceeds marks a significant milestone for AWL Agri Business, demonstrating the company's ability to execute its strategic plans and allocate capital effectively across various growth initiatives and financial obligations.

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Wilmar International, a leading agribusiness group, is set to make a significant move in the Indian market by acquiring a 13% stake in AWL Agri Business for ₹4,650 crore. This strategic investment marks a notable development in the agricultural business sector, potentially reshaping the competitive landscape.

Transaction Details

The acquisition represents a substantial investment by Wilmar International in AWL Agri Business, formerly known as Adani Wilmar Limited. While the current news focuses on a 13% stake, it's worth noting that this transaction appears to be part of a larger agreement revealed in the company's recent LODR (Listing Obligations and Disclosure Requirements) filing.

Background from LODR Data

According to the LODR disclosure, AWL Agri Business had previously entered into a share purchase agreement (SPA) with the following key points:

Parties Involved

Seller: Adani Commodities LLP (ACL)
Buyer: Lence Pte Ltd (Lence)
Confirming Party: Adani Enterprises Limited

Agreement Terms

Lence agreed to purchase up to 20.00% (maximum 259,935,721 equity shares) of AWL's issued and paid-up equity share capital.
The minimum purchase was set at 11.00% (142,964,647 equity shares).
The final number of shares to be determined by Lence.
Price per share: ₹275.00

Regulatory Approval

The Competition Commission of India granted approval for this transaction.

Implications and Next Steps

The current news of Wilmar International acquiring a 13% stake aligns with the previously disclosed agreement, falling within the 11-20% range mentioned in the LODR filing. This move suggests that Wilmar International may be executing its purchase through Lence Pte Ltd, although this connection is not explicitly stated in the provided news.

The completion of this transaction remains subject to other conditions precedent as outlined in the original SPA. Market observers will likely be watching closely to see how this significant investment impacts both AWL Agri Business and the broader agricultural sector in India.

As this development unfolds, it may lead to potential changes in the company's strategic direction, operational synergies, or market positioning. However, the full implications of this stake acquisition will become clearer as more details emerge and the transaction reaches its conclusion.