The Day 2 of Adani Wilmar Ltd offer for sale (OFS) kicked off on Monday. Adani Wilmar has informed stock exchanges about its intention to exercise the oversubscription option to the extent of 1,96,29,910 shares, representing 1.51 per cent of the total issued and paid-up share capital. This is in addition to 17,54,56,612 shares, representing 13.50 per cent of the total issued and paid-up share capital, forming part of the base offer size.
"Accordingly, the aggregate number of offer shares will be up to 19,50,86,522 equity shares (representing 15.01 per cent of the total issued and paid-up equity share capital of the company) of which, up to 1,95,08,653 equity shares (representing 1.50 per cent of the total issued and paid up equity share capital of the Company) would be available as part of the Offer on T+1 day," Adani Wilmar informed stock exchanges.
Adani Commodities LLP had earlier suggested that it could sell up to 8,44,79,110 additional shares, representing 6.50 per cent of the total issued and paid up equity share capital of the company (20 per cent in total).
On Monday, Adani Wilmar fell 7.75 per cent to Rs 269. The stock had fallen 10 per cent on Friday, as the floor price for the offer was set at Rs 275 that was at a 15.11 per cent discount to Thursday's closing price of Rs 323.95.
Retail investors are allowed to bid today. Non-retail investors may also indicate their willingness to carry forward their unallotted bids to Monday for allocation to them, in the unsubscribed portion of retail category.
The scrip is down 21.15 per cent in the past one year and 49 per cent in the past two years. Adani Commodities LLP initially looked to offload up to 17,54,56,612 shares in Adani Wilmar, representing 13.50 per cent of the total issued and paid up equity share capital of the Adani Wilmar.
Adani Enterprises eventually aims to sell its entire 44 per cent stake for $2.2 billion. Ventura Securities recently said the strategic sale of Adani Wilmar Ltd looks all set to enhance Adani Enterprises' liquidity. The proceeds, which could be leveraged for 2 times debt, will enable Adani Enterprises to raise additional debt of Rs 35,000–36,000 crore, creating a formidable Rs 50,000– 52,000 crore corpus, Ventura said.