Adani Group has raised Rs 4,850 crore from the sale of 13.5 per cent stake in Fortune oil maker Adani Wilmar as part of a strategy to exit non-core businesses to focus on core businesses. ‘infrastructure.
On January 9, the group had announced the sale of 17.54 crore shares (13.50% stake) of the company on January 10 (to non-retail investors) and January 13 (to retail investors) at a price floor or minimum of Rs 275 each. . The offer for sale (OFS) included an option to additionally sell up to 8.44 crore shares, or 6.50% stake.
Adani Commodities LLP, a subsidiary of Adani Enterprises Ltd, completed the offer for sale (OFS) for 13.5 per cent stake in Adani Wilmar to non-retail investors on January 10, according to information available in the filings on the stock market. The transaction attracted massive demand from a diverse set of leading international and domestic investors, with over 100 investors participating in the transaction.
“We wish to inform the stock exchanges of our intention to exercise the oversubscription option under the offer to the tune of 1.96 crore shares (representing 1.51 per cent of the total issued and paid-up share capital of the company) in addition to 17.54 crore shares (representing 13.50 per cent of the total issued and paid-up share capital of the company) forming part of the base offer size,” the group said in a filing .
Accordingly, the total number of shares on offer will be 19.50 crores (15.01%), of which up to 1.95 crores (1.50%) would be available under the offer on 13 January, he added.
The conglomerate had announced its exit from Adani Wilmar in December 2024 by selling most of its stake to a joint venture partner.
Following the successful completion of the OFS, Adani Wilmar completed its Minimum Public Shareholding Standards (MPS) compliance program with promoters holding 74.37 percent and the balance 25.63 percent held by public shareholders .
Adani Wilmar Ltd is a 50/50 joint venture between the Adani Group and Singapore-based commodities trader Wilmar. The two partners together own 87.87 percent of Adani Wilmar, well above the permitted maximum of 75 percent.
SEBI rules require large companies to have at least 25 percent of shares publicly available within three years of listing.
This transaction follows the agreement between Adani Enterprises Ltd (AEL) and Wilmar announced on December 30, 2024, under which Wilmar agreed to acquire AEL’s stake in AWL after achieving MPS compliance.
The OFS is the first phase of the exit of port-to-power conglomerate Adani Wilmar Ltd (AWL), in which it holds 43.94 per cent. In the second phase, Singapore-based Wilmar International Ltd agreed to acquire the remaining stake at a price not exceeding Rs 305 apiece.
On December 30, Adani announced its exit from the company that makes Fortune-branded cooking oil, wheat flour and other food products. As per this announcement, Adani will sell up to 40.37 crore shares (31.06% stake) to Wilmar for a maximum price of Rs 305 apiece. The number of shares to be sold to Wilmar will depend on the response to the OFS. The transaction is expected to close before March 31, 2025.
SBI Capital, Jefferies, ICICI Securities, Nuvama, Antique and Monarch acted as bankers to the OFS.
With this transaction, Adani Group has raised total equity capital of $3.15 billion this financial year. AEL had already raised $500 million in October 2024, through a qualified institutional placement. In combination, AEL will have a war chest of $2.5 billion to fully fund AEL, further boost its incubation portfolio and focus more on underlying infrastructure platforms including airports, roads, data centers and green hydrogen.
Established in 1999, Adani Wilmar manufactures Fortune brand cooking oil, wheat flour, pulses, rice and sugar. It has 23 factories in 10 states. The FMCG company recorded a consolidated total revenue of Rs 51,555.24 crore in the last financial year. Its market capitalization stood at nearly Rs 42,000 crore (around $5 billion) on January 6.
(With inputs from PTI)
