Adani Group has raised Rs 4.85 billion by selling its 13.5 percent stake in Fortune oil maker Adani Wilmar as part of a strategy to exit non-core activities to focus on the business principal of infrastructures.

On January 9, the group had announced the sale of 17.54 million shares (13.50 percent equity) of the company on January 10 (to non-retail investors) and January 13 (to retail investors) at a minimum or minimum price of Rs 275 each. . The offer for sale (OFS) included an option to sell up to 8.44 million shares, or 6.50 percent equity.

Adani Commodities LLP, a subsidiary of Adani Enterprises Ltd, completed the offer for sale (OFS) of a 13.5 percent stake in Adani Wilmar to non-retail investors on January 10, according to information available from stock market presentations. The transaction saw massive demand from a diverse set of prominent domestic and international investors with over 100 investors participating in the transaction.

“We wish to make known to the stock exchanges our intention to exercise the oversubscription option in the offer to the extent of 1.96 million equity shares (representing 1.51 percent of the share capital total issued and paid-up capital of the company) to more than 17.54 million shares of capital (representing 13.50 percent of the total issued and paid-up share capital of the company) that are part of the size of the base offering,” the group said in a filing.

Accordingly, the total number of shares in the offer will be up to 19.50 million (15.01%) of which up to 1.95 million (1.50%) would be available as part of the offer on January 13, he added.

The conglomerate had announced its exit from Adani Wilmar in December 2024 by selling its majority stake to a joint venture partner.

Following the successful completion of the OFS, Adani Wilmar has completed its Minimum Public Participation (MPS) compliance programme, with the promoters holding 74.37% and the balance 25.63% in power of public shareholders.

Adani Wilmar Ltd is an equal joint venture between Adani Group and Singapore-based commodities trader Wilmar. The two partners own a combined 87.87 percent of Adani Wilmar, well above the maximum 75 percent allowed.

SEBI rules require large companies to have at least 25 percent of shares available to the public 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 upon achievement of regulatory compliance MPS.

The OFS is the first phase of the exit of Adani Wilmar Ltd’s (AWL) port-to-power conglomerate in which it holds 43.94 percent. In the second phase, Wilmar International Ltd of Singapore has agreed to acquire the residual stake at a price not exceeding Rs 305 each.

On December 30, Adani announced its exit from the company that makes Fortune brand cooking oil, wheat flour and other food products. According to this announcement, Adani will sell up to 40.37 million shares (31.06 percent stake) to Wilmar at not more than Rs 305 each. The number of shares to be sold in Wilmar will depend on the response to the OFS. The transaction is expected to close by March 31, 2025.

SBI Capital, Jefferies, ICICI Securities, Nuvama, Antique and Monarch acted as bankers to the SFO.

With this transaction, the Adani Group has raised total share capital of $3.15 billion this financial year. AEL had previously raised $500 million in October 2024, through a qualified institutional placement route. In combination, AEL will have a war chest of $2.5 billion to fully fund AEL and further load its incubation portfolio and focus on underlying infrastructure platforms such as airports, roads, hubs data, green hydrogen.

Founded in 1999, Adani Wilmar manufactures Fortune brand cooking oil, wheat flour, pulses, rice and sugar. It has 23 plants in 10 states. The FMCG company posted a consolidated total revenue of Rs 51,555.24 crore in the last fiscal. Its market capitalization stood at nearly 42 billion rupees (about $5 billion) on January 6.

(With PTI tickets)