Ahmedabad, Jan 10 (NationPress) On Friday, the Adani Group successfully raised around Rs 4,850 crore by selling 13.5% of its stake in Adani Wilmar. The conglomerate had previously announced its intention to exit Adani Wilmar by offloading a majority of its shares to a joint venture partner.
According to a stock exchange announcement, the company disclosed the sale of 17.54 crore shares (13.50% equity) to non-retail investors, with an additional offer for retail investors starting on January 13 at a base price of Rs 275 per share.
Adani Commodities LLP, a subsidiary of Adani Enterprises Ltd, finalized the offer for sale (OFS) for a 13.5% stake in Adani Wilmar targeted at non-retail investors on Friday. The OFS also provided an option to sell up to 8.44 crore shares, equating to 6.50% equity.
"We would like to notify the Stock Exchanges of our plan to exercise the Oversubscription Option in the Offer for an additional 1,96,29,910 Equity Shares (1.51% of the total issued and paid-up Equity Share capital of the Company), in addition to the 17,54,56,612 Equity Shares (13.50%) forming part of the Base Offer Size,” stated Adani Commodities LLP in their stock exchange announcement.
“As a result, the total number of Offer Shares will reach up to 19,50,86,522 Equity Shares (15.01% of the total issued and paid-up Equity Share capital of the Company), out of which up to 1,95,08,653 Equity Shares (1.50%) will be available as part of the Offer on T+1 day,” the firm reported.
This transaction emphasizes the Adani Group's capacity to effectively raise capital (both debt and equity) regardless of prevailing market conditions. With this transaction, the Adani Group has amassed a cumulative equity capital of $3.15 billion this fiscal year.
Adani Wilmar has successfully fulfilled its requirements for minimum public shareholding (MPS) norms, with promoters holding 74.37%, while the remaining 25.63% is owned by public shareholders.
On December 30, the Group announced its exit from Adani Wilmar Ltd (AWL) by divesting its entire 44% stake in the joint venture to raise over $2 billion.
Furthermore, Wilmar International Ltd. has consented to purchase the 31% stake held by the Adani flagship in the edible oil producer. As of December 27, Adani Wilmar had a market capitalization of Rs 42,785 crore ($5 billion).
The proceeds from this sale will be utilized by Adani Enterprises Ltd to significantly enhance its investments in core infrastructure sectors such as energy and utilities, transportation and logistics, as well as other related industries.
Adani Wilmar boasts 100% urban coverage and operates in over 30,600 rural towns across India, exporting to more than 30 countries worldwide.
