Adani Group to sell 20% stake in Adani Wilmar via OFS, floor price set at ₹275

FMCG player Adani Wilmar is expected to draw attention on Friday, January 10, following the Thursday evening announcement that its founder plans to divest a stake in the company via an Offer For Sale (OFS).

Adani Commodities, the promoter entity of Adani Wilmar under the Adani Group, plans to divest a 13.5 per cent stake, equivalent to 17.54 crore shares, through this OFS, according to the company's exchange filing on Thursday evening. This represents the base issue size.

The company also has the option to exercise a green shoe mechanism, allowing it to sell an additional 6.5 per cent stake in the Offer for Sale (OFS).

The OFS price has been set at ₹275 per share, representing a 15% discount compared to Adani Wilmar's closing price on Thursday.

The sale will commence for non-retail investors on Friday, January 10, and for retail investors on Monday, January 13.

Late last month, Adani Enterprises, the flagship entity of the Adani Group, announced its decision to exit its joint venture stake in Adani Wilmar.

As part of this plan, the company intended to sell a 13 per cent stake to meet the minimum public shareholding requirements, while Wilmar International, the other promoter of Adani Wilmar, agreed to acquire the remaining 31 per cent stake.

As of the September quarter, Adani Commodities held a 43.94 per cent stake in Adani Wilmar, with Lence Pte., a subsidiary of Wilmar International, owning an equal 43.94 per cent stake.

The value of Adani Enterprises' current stake in Adani Wilmar is estimated at ₹18,500 crore, equivalent to over $2 billion.

Adani Wilmar's shares closed 0.6% lower on Thursday, settling at ₹324.1.