Shares of Adani Wilmar plunged by 9.5% to Rs 292 apiece on January 10, continuing a three-day losing streak. The decline followed the launch of a two-day Offer For Sale (OFS) by promoter Adani Commodities, which aims to sell up to 20% stake in the company.
The OFS opened for non-retail investors on 10 January and will open on 13 for retail investors, who can submit their bids once the non-retail portion becomes fully subscribed. The stake sale comprises a base issue of 17-crore shares–or 2.5 occasions that amount due to an over-subscription option for Adani Wilma’s paid share capital–equivalent to 6-5%. Rs 275 per shares is the floor price for each OFS selling share, an erosion of the day’s low amount by 6%.
In December 2024, Adani Enterprises announced that it would exit the joint venture with Wilmar International. The company will divest 13% of its stake to meet the minimum public shareholding norms, and the remaining 31% will be acquired by Wilmar International.
This can help increase Adani Enterprises’ liquidity manifold. According to the reports, money so received may be used to raise more funds for creating a pool of Rs 50,000 to Rs 52,000 crore.
More related stories In fact, shares of Adani Wilmar lost over 11% in these last three days on the bourse, while it underperforms Nifty which loses hardly 1.0% of its value against this period The stock had spurted previously to a four-year low earlier – reached Rs 279 on November 22, 2024. MORE Feeds.
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Source: Moneycontrol
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