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Adani Group has raised ₹4,850 crore by selling 13.5% stake in Adani Wilmar Ltd, operated under its Fortune brand. The sale is part of the group’s strategy to exit non-core businesses and focus on its core infrastructure business.
Details of Offer for Sale (OFS)
- Sale of 13.5% stake:
- 17.54 crore shares (13.50%) were offered to non-retail investors on 10 January and to retail investors on 13 January at a base price of ₹275 per share.
- Additional Sales Option:
- An option for separate sale of 8.44 crore shares (6.50%) was also kept.
- Overall, 19.50 crore shares (15.01%) were included in the offer.
Tremendous response from investors
Adani Wilmar’s sale offer received an excellent response from investors.
- More than 100 investors participated, with participation from both international and domestic investors.
- This was one of the largest OFS in the Indian capital market in recent times.
- Plans to exercise option to purchase additional 1.96 crore shares (1.51%).
Compliance with Minimum Public Shareholding (MPS) norms
With the successful completion of OFS, Adani Wilmar has complied with the norms of MPS (25% public shareholding).
- Promoters’ stake: 74.37%.
- Public shareholders’ stake: 25.63%.
First phase of group’s exit from Adani Wilmar
The sale is the first phase of Adani Group’s exit from Adani Wilmar Limited.
- Adani Group’s current stake is 43.94%.
- Second step:
- Wilmar International Ltd has agreed to buy the remaining stake at a price of ₹305 per share.
Strategic Shift: Exiting Non-Core Businesses
Adani Group had last month announced that it would exit its non-core businesses to focus on the core infrastructure business.
- Sale of stake in Adani Wilmar is part of this strategy.
- A major portion of the sales has been given to the joint venture partner.
capital raised so far
- So far this fiscal year, Adani Group has raised equity capital worth $3.15 billion (₹25,000 crore).
- The amount will be used to reduce the group’s debt and reinvest in its core businesses.a