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Adani Wilmar Shares Slide 9%, Falling Below OFS Price of ₹275
Last Updated: 13th January 2025 - 05:17 pm
Adani Wilmar shares continued their downward trend, plunging up to 9% during trading on December 13 as its promoter, Adani Commodities, opted to exercise the oversubscription option in its two-day offer-for-sale (OFS).
The OFS price was set at ₹275 per share. By 11:15 a.m. IST, Adani Wilmar's share price had dropped 6.5% to ₹273.5, slipping below the OFS price.
The company plans to divest an additional 1.96 crore shares, equivalent to 1.51% of the total issued and paid-up share capital.
Adani Commodities initially proposed selling 17 crore shares in Adani Wilmar, representing 13.5% of the company’s total issued and paid-up equity share capital. The OFS also includes an oversubscription option, enabling the sale of an additional 8.4 crore shares, or 6.5% of the company’s stock.
In a generally subdued market, all nine Adani Group stocks were trading in negative territory, with Adani Total Gas and NDTV experiencing the largest declines, both falling as much as five%.
Retail investors have the opportunity to bid for their portion of the OFS today, while non-retail investors can carry forward any unallotted bids for consideration in the retail category’s unsubscribed shares.
On December 30, 2024, Adani Enterprises exited its joint venture with Adani Wilmar by selling a 13% stake to comply with minimum public shareholding norms, while the remaining 31% stake was transferred to Singapore-based Wilmar International.
Adani Enterprises is divesting a total 44% stake in Adani Wilmar as part of its exit plan, with Wilmar International set to acquire the 31% previously held by Adani Enterprises.
According to Ventura Securities, the strategic sale of Adani Wilmar is expected to bolster Adani Enterprises’ liquidity. The anticipated proceeds, which could be leveraged to secure additional funding, may enable the company to raise ₹35,000 to ₹36,000 crore in additional debt, creating a fund of approximately ₹50,000 to ₹52,000 crore.
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