adani Commodities LLP, the promoter of adani Wilmar Limited (AWL), is going to sell up to 20% stake in the company through an Offer for Sale (OFS) opening on january 10. The company gave this information in an exchange filing on Thursday. adani Commodities will sell 175.4 million shares equivalent to 13.5% of AWL's equity on T Day (for non-retail investors only) on january 10. An additional 84.4 million shares can also be sold due to the oversubscription option in the OFS, which is equivalent to 6.5% stake. The floor price for the OFS has been fixed at Rs 275, which appears to be a 15% discount on the current market price.
Non-retail investors will be able to bid on this day
Non-retail investors will be able to bid on T Day, which can be extended till january 13. Here, under the oversubscription option, retail investors will be able to bid on T+1 day. Apart from this, under the offer for sale, the company has reserved 25 percent for insurance companies, while 10 percent has been given to retail investors.
The offer price will be kept this much
The company informed that the allocation will be done at the offer price or above it. In this, retail investors will also have the option to bid at the cut-off price. Let us tell you that earlier in December, adani Enterprises had decided to completely exit adani Wilmar. It was told that adani Enterprises will sell its entire 44 percent stake in its joint venture adani Wilmar. Here, Wilmar International's subsidiary company Lens will buy 31.06 percent stake from adani Commodities LLP (ACL).
adani Enterprises Limited will also sell its 13 percent stake to meet the minimum public shareholding norms. AEL will raise more than two billion dollars from this deal.
The amount raised from the deal will be invested here
This money will be invested in many different sectors like core infrastructure platforms such as logistics, transport, energy. Let us tell you that adani Wilmar Limited manufactures and sells FMCG products like cooking oil, wheat flour, rice, pulses and sugar under the Fortune brand.
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