Wilmar International (SGX:F34) entered into an agreement with Adani Commodities for an option to acquire up to 403,739,517 equity shares, representing 31.06% of the paid up equity share capital of Adani Wilmar (AWL).

The option price per equity share was agreed at 305 Indian rupees per share, according to a filing with the Singapore Exchange on Monday.

Adani Commodities currently owns around 43.94% of the existing equity share capital of AWL while Lence also has a 43.94% stake in AWL.

Under the agreement the parties have also agreed to explore alternative options to expedite the sale and purchase of shares of AWL.