Adani Wilmar's OFS for 20% stake opens January 10, floor price Rs 275 per share

Adani Wilmar

Adani Commodities, one of the promoter entities of Adani Wilmar will be selling up to 20% stake in the company through an Offer For Sale on January 10 and 13, with a floor price of Rs 275 per share, a company filing said on January 9.

Shares of Adani Wilmar ended the trading session on Thursday at Rs 324 per share on BSE, down 13% over last one year.

The OFS will have a base offer of 13.50% equity along with a green shoe option, the company filing said on January 9. Adani Commodities LLP will be selling 17.54 crore shares, or 13.50% stake of Adani Wilmar as the Base Offer on January 10 and 13, with an option to sell additional 8.45 crore shares (6.50% of the paid up equity) in case of oversubscription.

A minimum of 25% of the OFS has been reserved for mutual funds and insurance companies. Antique Broking, ICICI Securities, Jefferies, Nuvama Wealth and SBICAP Securities are the brokers for the Offer For Sale.

Only retail investors will be allowed to place their bids on January 13, or non-retail investors who have chosen to carry forward their un-allotted bids from day one.

On December 30, 2024, Adani Enterprises has fully exited the Adani Wilmar JV, selling its 13% stake to meet the minimum public shareholding norm, with the remaining 31% stake going to Singapore's Wilmar International. AEL is selling a total of 44% stake in Adani Wilmar as part of the exit, and Wilmar International will acquire up to 31% held by Adani Enterprises in Adani Wilmar.

The divestment will raise proceeds worth over $2 billion which Adani Enterprises said would be used in 'core infrastructure platforms'. This is the first major transaction by the Adani Group since the DoJ indictment in November.

Adani Wilmar may adopt a strategy similar to that of ITC by leveraging on core business and distribution network to drive growth in its the FMCG portfolio, after Adani Group's exit, according to a recent PTI new report. Following the closure of the deal, Wilmar International is expected to introduce its global brands into the Indian market.