Adani Commodities to Sell 20% Stake in Adani Wilmar via OFS

10 Jan 2025 CW Team

Adani Commodities LLP, a promoter of Adani Wilmar (AWL), is planning to offload up to 20 per cent of its stake in the company through an Offer for Sale (OFS), scheduled to open on January 10, as per a filing made by the company on Thursday.

The company will sell 175.4 million shares, which represent 13.5 per cent of AWL’s equity, exclusively on T Day for non-retail investors. The OFS also includes an oversubscription option, allowing the sale of an additional 84.4 million shares, equating to a 6.5 per cent stake.

The floor price for the OFS has been set at Rs 275, which offers a 15 per cent discount on the current market price.

Non-retail investors will be able to bid on T Day, with the option to carry forward unallotted bids to January 13 (T+1 Day) for potential allocation in the retail category. Retail investors can place bids on T+1 Day if the oversubscription option is exercised. Additionally, 25 per cent of the offer is reserved for mutual funds and insurance companies, and 10 per cent is allocated for retail investors.

The allocation will be made at or above the offer price, and retail investors will have the option to bid at the cut-off price, as confirmed by the company.

This OFS follows Adani Enterprises (AEL)'s announcement that it will fully exit its joint venture with Wilmar International in AWL. The exit is expected to generate over $2 billion, which AEL plans to reinvest into its core infrastructure platforms.

Lence Pte, a subsidiary of Wilmar, will acquire up to 31.06 per cent of AWL's shares from Adani Commodities.

In addition, AEL will divest another 13 per cent stake to comply with public shareholding norms, marking its complete exit from its 44 per cent stake in AWL.

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