Shares of Adani Wilmar Ltd plunged 9% on 10th January, after hitting a day’s high of Rs 301.60, as the promoter announced plans to divest up to 20% stake in the company through an Offer For Sale (OFS).

Adani Commodities LLP, a promoter of Adani Wilmar, plans to sell 17.54 crore equity shares (13.5% of total equity) at Rs 275 per share in an OFS starting 10th January 2025. A greenshoe option allows an additional 6.5% stake to be sold.

The OFS price is set at a 15% discount to Thursday’s closing price, with non-retail investors starting Friday and retail investors on Monday, 13th January.

Last month, Adani Enterprises announced its exit from Adani Wilmar, selling its 13.5% stake to meet public shareholding norms, while Wilmar International agreed to acquire the remaining 31% stake.

As of September, Adani Commodities and Lence Pte. (Wilmar’s subsidiary) held a 43.94% stake in Adani Wilmar. Adani Enterprises’ stake in the company is valued at Rs 18,500 crore.

Despite raw material cost-driven price hikes, Adani Wilmar reported 6% YoY volume growth and a 33% YoY revenue increase in Q3.

At 10:52 AM, the shares of Adani Wilmar were trading 8.61% lower at Rs 295.60 on NSE.

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