As part of a plan to divest non-core operations and concentrate on its core infrastructure business, Adani Group raised Rs 4,850 crore by selling 13.5% of its ownership in Fortune oil manufacturer Adani Wilmar.
On January 9, the group announced that 17.54 crore shares (13.50 percent ownership) in the company would be sold to non-retail investors on January 10 and retail investors on January 13 for a minimum or floor price of Rs 275 each. The offer for sale (OFS) offered the option to sell up to 8.44 crore shares, representing 6.50 percent equity.
According to stock exchange records, Adani Commodities LLP, a part of Adani Enterprises Ltd, completed an offer for sale (OFS) of a 13.5% stake in Adani Wilmar to non-retail investors on January 10. With over 100 investors participating, the transaction drew considerable interest from a diverse variety of famous domestic and overseas investors.
"In addition to the 17.54 crore equity shares that make up the base offer size, we would like to notify the stock exchanges of our intention to exercise the oversubscription option in the offer to the extent of 1.96 crore equity shares (representing 1.51 percent of the company's total issued and paid-up equity share capital)," the company said in its filing.
As a result, the January 13 offer will make up to 19.50 crore (15.01 percent) of the total offer shares available, of which up to 1.95 crore (1.50 percent) will be made available. The business declared in December 2024 that it was selling a joint venture partner the majority of its stake in Adani Wilmar.
Following the successful completion of the OFS, Adani Wilmar has successfully completed its program for compliance with minimum public ownership (MPS) rules, with promoters controlling 74.37 percent and public shareholders holding the remaining 25.63 percent.
The Adani Group and Singapore-based commodity trader Wilmar have formed an equal joint venture called Adani Wilmar Ltd. Together, the two partners hold 87.87 percent of Adani Wilmar, which is significantly more than the 75 percent maximum that is allowed.
According to SEBI regulations, big companies must make at least 25% of their shares publicly available within three years after going public.
This deal comes after an agreement between Wilmar and Adani Enterprises Ltd. (AEL) was announced on December 30, 2024, according to which Wilmar would buy AEL's share of AWL after MPS standards were met.
The OFS is the initial stage of the port-to-power conglomerate's withdrawal from its 43.94 percent stake in Adani Wilmar Ltd (AWL). The remaining stake would be purchased by Singapore's Wilmar International Ltd. in the second phase for a maximum of Rs 305 per share.
The Adani Group has raised $3.15 billion in equity capital this fiscal year as a result of this deal. Through qualifying institutional placement, AEL has already raised $500 million in October 2024.
Together, they will have a $2.5 billion war chest that will be used to fully support AEL, accelerate its incubation portfolio, and increase its attention to underlying infrastructure platforms such as highways, airports, data centers, and green hydrogen.
