Adani Commodities, a promoter entity of Adani Wilmar, will sell up to a 20% stake in the company through an Offer For Sale (OFS) scheduled for January 10 and 13. The floor price for the sale has been set at ₹275 per share, according to a company filing on January 9.
Adani Wilmar’s shares closed at ₹324 on the BSE, reflecting a 13% drop over the past year.
The base offer of OFS will be 13.50% equity, comprising 17.54 crore shares, and an additional green shoe option of 8.45 crore shares, which accounts for 6.50% stake. This enables Adani Commodities to sell a maximum of 26 crore shares or 20% in all.
At least 25 percent of the OFS is reserved for mutual funds and insurance companies. Retail investors are allowed to bid on January 13, which will include non-retail investors who carry forward their unallocated bids from the first day. Antique Broking, ICICI Securities, Jefferies, Nuvama Wealth, and SBICAP Securities are brokers for the sale.
Adani Enterprises exited the Adani Wilmar joint venture on December 30, 2024, with the sale of a 13% stake to fulfill minimum public shareholding norms. Wilmar International picked up a 31% stake to emerge as the key shareholder. The divestment over more than $2 billion that has been made, therefore, is announced for use in the core infrastructure projects of Adani Enterprises.
This is the first big ticket deal by Adani Group since the DoJ indictment in November. As a result of this exit, Adani Wilmar will possibly toe ITC’s line, building an array of FMCG businesses using the lever of a robust distribution network. With this divestment deal, Wilmar International could enter the Indian market with its own suite of international brands to further power its growth in the fast-moving consumer goods market.
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Source: Moneycontrol
News Desk
