Adani Group on Thursday proposed an offer to offload up to 20 per stake in Adani Wilmar. The offer for sale (OFS) opens on January 10, 2025. "Adani Commodities will sell about 17.54 crore shares, which makes up for 13.5 per cent stake in the company on January 10, which is the 'T Day'. The OFS also includes an oversubscription option, where the said promoter will sell an additional 8.44 crore shares or 6.5 per cent of equity in the company," it stated in a BSE filing.
The floor price for the OFS has been fixed at Rs 275. Adani Commodities is a promoter of Adani Wilmar.
"The offer will take place over two trading days on a separate window of the stock exchanges between January 10, 2025 and January 13, 2025, from 9:15 am to 3:30 pm on both days. Only non-retail investors will be allowed to place their bids on T day, i.e., January 10, 2025. While placing their bids, non-retail investors may indicate their willingness to carry forward their unallotted bids to T+1 day for allocation to them, in the unsubscribed portion of retail category," the company mentioned.
"Only retail investors shall be allowed to place their bids on T+1 day, i.e., January 13, 2025. Further, those non-retail investors who have placed their bids on T day and have chosen to carry forward their un-allotted bids to T+1 day, shall be allowed to carry forward their un-allotted bids for allocation to them in the unsubscribed portion of Retail Category (defined below) and also revise their bids on T+1 day as per the OFS Guidelines," it added.
A minimum of 25 per cent of the offer is reserved for mutual funds and insurance companies and around 10 per cent is for the retailer category.
The allocation will be done at or above the floor price on a price priority basis in accordance with the OFS Guidelines, except in case of retail investors who will have an option to bid at the cut–off price, the company further stated.
On the stock-specific front, Adani Wilmar fell 0.64 per cent to close at Rs 323.95. At this price, the scrip has slipped 13 per cent in the past one year.