Adani Wilmar hits the floor as OFS begins; promoter proposes to sell 20% stake

Adani Wilmar hit a lower circuit of 10% to Rs 291.60 after the company's promoter, Adani Commodities, proposed to sell 20% stake at a floor price of Rs 275 per share through offer for sale (OFS).

Through OFS, promoter proposes to sell up to 17,54,56,612 equity shares or 13.50% stake with an potion to sell additional 6.50% stake or 8,44,79,110 equtiy shares incase of oversubscription.

The floor price for sale has been set at Rs 275 per share, a 15.11% discount to the counters closing price of Rs 323.95 on 9 January 2025.

The total OFS size (base size + green shoe) stands at 25,99,35,722 shares, representing 20% of outstanding equity shares of the company, the value of which (at floor price) aggregates to Rs 7,148.23 crore.

Adani Commodities held 43.94% stake in Adani Wilmar as of September 2024.

The OFS opened on Friday (10 January 2025) for non-retail investors, while both retail as well as non-retail investors will be able to subscribe on Monday (13 January 2025).

On Day 1 (T-day), as of 2.15 IST, the OFS received subscription for 5,33,80,821 shares. It was subscribed 33.80% on the base non-retail offer size of 15,79,10,950 shares.

Adani Wilmar is a provider of edible oil, vanaspati, and specialty fats. The company offers soybean oil, sesame oil, sunflower oil, cottonseed oil, groundnut oil, mustard oil, groundnut oil, and coconut oil, as well as vegetable ghee. The company is one of the largest FMCG companies in India.

The FMCG major reported a consolidated net profit of Rs 311.02 crore in Q2 FY25 as against a net loss of Rs 130.73 crore posted in Q2 FY24. Revenue from operations jumped 17.87% YoY to Rs 14,460.45 crore in the quarter ended 30 September 2024.

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