Adani Group to offload 20% in Adani Wilmar via OFS, sets floor price at ₹275

The Adani Group will sell a 20% stake in Adani Wilmar Ltd via an offer for sale (OFS) at a floor price of ₹275, the company said on Thursday.

In a regulatory filing, the Group said that Adani Commodities LLP, a promoter of Adani Wilmar, will sell up to 17.54 crore shares, or 13.5% of the company’s equity capital, on January 10 for non-retail investors and on January 13 for retail investors.

The OFS includes an option to sell an additional 8.44 crore shares, representing 6.5% of the equity, in case of oversubscription.

A minimum of 25% of the offer shares is reserved for mutual funds and insurance companies while 10% has been kept aside retail investors.

Retail investors can bid for shares at the floor price or the cut-off price determined through the non-retail bidding process.

"In case of under subscription in the non-Retail Category, the Retail Investors shall be allowed to place their bids at Floor Price on T+1 day," the company said.

Promoters of Adani Wilmar, which markets the popular Fortune brand of edible oils and staples, currently hold an 87.87% stake in the company. To comply with local regulations requiring a minimum 25% free float, the promoters’ stake will be reduced to 75%. Both Adani and Wilmar currently hold an equal 43.94% stake in the joint venture.

Adani Enterprises plans to utilise the sale proceeds to boost investments in its core infrastructure platforms, spanning energy, utilities, transport, and logistics.

"AEL will continue to invest in infrastructure sectors which will further strengthen AEL’s position as India’s largest listed incubator of platforms playing the key macro themes underpinning India’s growth story," the company had said in a statement.

Adani Wilmar, known for its popular Fortune brand of edible oils and staples, is among India’s largest FMCG companies.

Adani Wilmar shares closed at ₹324.10 on Thursday, down 0.63% from the previous close.