FMCG player Adani Wilmar will see one of its promoter Adani Commodities LLP offload up to 20% stake in the company through an offer for sale (OFS), which will open on Friday. The floor price has been set at Rs 275 a share, which is a 15% discount to the current market price. Adani Wilmar shares closed at Rs 323.95 on the BSE on Thursday, down 0.64% versus the previous day’s close.
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Under the proposed OFS, Adani Commodities will sell about 175.45 million shares, which constitutes 13.5% stake in the company. The OFS will also include an oversubscription option, where the said promoter will sell an additional 84.5 million shares or 6.5% of equity.
In case the promoter chooses to exercise the oversubscription option, the OFS will available for bidding for retail investors on January 13. Non-retail investors, including institutional and high networth individuals, will be allowed to place their bids on the first day of the OFS.
A minimum of 25% of the offer is reserved for mutual funds and insurance companies, and about 10% is kept aside for the retail investors.
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This is the first phase of the port-to-power conglomerate’s exit from the joint venture in which it holds 44%. In the second phase, Singapore’s Wilmar International has agreed to acquire the residual stake at a price not exceeding Rs 305.
After the transactions, the Gautam Adani-led conglomerate will fully exit the firm and use the proceeds to bolster its core infrastructure ventures.
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