Adani Commodities to offload 20% stake in Adani Wilmar via OFS

Adani Commodities, one of the promoters of Adani Wilmar, will sell up to 20% of the company's stock through an offer for sale (OFS), the company said in a stock exchange filing today. The OFS will open on January 10, 2025.

The seller proposes to sell up to 17,54,56,612 shares, representing a 13.50% stake, on January 10, 2025, which is the T-day and is for non-retail investors only.

The OFS also has an oversubscription option, in which case the promoter will sell around 8.44 crore shares, representing a 6.5% stake.

The floor price for the offer will be ₹275 per equity share.

The offer shall take place over two trading days on a separate window of the stock exchanges on January 10, 2025, and January 13, 2025, from 9:15 a.m. to 3:30 p.m. (Indian Standard Time) on both days.

Only non-retail investors will be allowed to place their bids on T day, i.e., January 10, 2025. While placing their bids, non-retail investors may indicate their willingness to carry forward their unallotted bids to T+1 day for allocation to them, in the unsubscribed portion of the retail category.

The allocation will be at or above the floor price on a price priority basis at multiple clearing prices in accordance with the OFS guidelines, except in the case of retail investors who will have the option to bid at the cut-off price.

Around 10% of the offer shares will be reserved for allocation to retail investors, subject to the receipt of valid bids. The stock exchanges will decide the quantity of offer shares eligible to be considered in the retail portion, based on the floor price.

Jefferies India will be acting as the settlement broker for the offer on behalf of the seller’s brokers.

Notably, Gautam Adani-led diversified flagship company Adani Enterprises on December 30, 2024, announced its exit from Adani Wilmar JV by divesting its entire 44% stake for over $2 billion. The development came after Wilmar International agreed to buy a 31% stake owned by the Adani Group's flagship in the JV.

Shares of Adani Wilmar closed 0.64% down at ₹323.95 on the BSE today.