Adani Group to raise ₹7,148 crore from Adani Wilmar stake sale
The Hindu
Adani Group to raise ₹7,148 crore by selling stake in Adani Wilmar, focusing on infrastructure business growth.
The Adani Group will raise ₹7,148 crore from sale of up to 20% stake in FMCG firm Adani Wilmar in the open market as part of its strategy to exit non-core activities to focus on infrastructure business.
The conglomerate, which last month announced its exit from Adani Wilmar by selling the bulk of its stake to a joint venture partner, will sell 17.54 crore shares (13.50% equity) in the company on January 10 (to non-retail investors) and on January 13 (to retail investors) at a floor or minimum price of ₹275 apiece, according to a stock exchange filing by the company.
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The Offer For Sale (OFS) will include an option to additionally sell up to 8.44 crore shares or 6.50% equity.
This is the first phase of the port-to-power conglomerate's exit from the joint venture in which it holds 43.94%. In the second phase, Singapore's Wilmar International Limted has agreed to acquire the residual stake at a price not exceeding ₹305 apiece.
On January 30, Adani announced its exit from the company which makes Fortune brand cooking oil, wheat flour and other food products.
As per that announcement, Adani will sell up to 40.37 crore shares (31.06% stake) to Wilmar at no more than ₹305 apiece. The number of shares to be sold to Wilmar will depend on the response to the OFS.
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