Adani Wilmar Stock Price: There is a huge fall in the shares of Adani Group company Adani Wilmar on January 13 also. The price on BSE fell by 10 percent during the day to a low of Rs 262.45 and hit the lower circuit. This is also the 52-week low of the stock. The reason for the decline is the stake sale being done by Adani Group in Adani Wilmar. The two-day Offer for Sale (OFS) brought for this is open for retail investors on Monday. Earlier, on Friday, January 10, Adani Commodities LLP completed OFS for sale of 13.5 per cent stake (17.54 crore shares) in Adani Wilmar to non-retail investors and raised Rs 4,850 crore.
The group had said in the information given to the stock exchanges that it wants to exercise the option of oversubscription up to 1.96 crore shares (1.51 percent) in this offer. This will take the total number of shares offered in the offer to 19.50 crore (15.01 per cent), out of which 1.95 crore shares (1.50 per cent) will be available as part of the offer on January 13.
On January 13, non-retail investors also have the option to carry forward any unallotted bids. Carry forward bids may be considered for allocation from the unsubscribed portion of the retail category. On January 9, Adani Group had announced the sale of 17.54 crore shares (13.50 percent equity) in Adani Wilmar through OFS to non-retail investors on January 10 and to retail investors on January 13. In this OFS, an option to separately sell 8.44 crore shares or 6.50 percent equity stake was also kept.
Adani Group is selling its entire stake in Adani Wilmar.
Let us inform you that Adani Enterprises is exiting by selling its entire 43.94 percent stake in Adani Wilmar. This stake sale is being done in two phases. The company had said in a statement on December 30 that under the first phase, Adani Enterprises will sell approximately 13% shares in Adani Wilmar to comply with the minimum public shareholding requirements. Apart from this, for the second phase, Adani Enterprises, Adani Commodities LLP and Lens, a subsidiary of Wilmar International, have signed an agreement.
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In the second phase, Lens will buy the equity shares of Adani Wilmar held by Adani Commodities LLP. This purchase will be for the remaining 31 percent stake. Adani Commodities LLP is a subsidiary of Adani Enterprises. In the second phase, Wilmar International Limited has agreed to acquire the remaining stake at a price of Rs 305 per share.
Shares fell 18 percent in a week
On January 10 also, there was a big fall in the shares of Adani Wilmar and it closed down by 10 percent on BSE. The market cap of the company is Rs 35100 crore. The stock has fallen 18 percent in just one week. The lower price band for the stock on BSE is Rs 262.45 with 10 per cent circuit limit.