Adani Wilmar shares extended their decline, falling up to nine percent in trade on December 13 as promoter Adani Commodities decided to the exercise the oversubscription option in its two-day offer-for-sale (OFS).
The firm will offload a further stake to the extent of 1.96 crore shares, representing 1.51 per cent of the total issued and paid-up share capital.
Adani Commodities planned to offload 17 crore shares in Adani Wilmar, which accounts for 13.5 percent of the company’s total issued and paid-up equity share capital. Additionally, the OFS includes an oversubscription option, allowing the sale of another 8.4 crore shares, or 6.5 percent of the company.
The OFS price is set at Rs 275 per share. At 11.15 am, shares of Adani Wilmar sank 6.5 percent to Rs 273.5, which is under the OFS price.
In a muted market sentiment, all nine Adani Group stocks were trading in the red, with Adani Total Gas and NDTV leading the losses, sinking up to five percent.
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Retail investors will be able to bid for their allocated portion of the OFS today. Non-retail investors will also have the option to carry forward any unallotted bids to today. These carried-forward bids may be considered for allocation from the retail category's unsubscribed portion.
On December 30, 2024, Adani Enterprises had fully exited the Adani Wilmar JV, selling its 13 percent stake to meet the minimum public shareholding norm, with the remaining 31 percent stake going to Singapore's Wilmar International.
Adani Enterprises is selling a total of 44 percent stake in Adani Wilmar as part of the exit, and Wilmar International will acquire up to 31 percent held by Adani Enterprises in Adani Wilmar.
Ventura Securities recently stated that the strategic sale of Adani Wilmar is set to improve Adani Enterprises' liquidity. The proceeds, which could be leveraged for twice the debt, would enable Adani Enterprises to raise additional debt of Rs 35,000 to Rs 36,000 crore, creating a substantial Rs 50,000 to Rs 52,000 crore fund.
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