Gautam Adani makes big move, raises Rs 48500000000 by selling stake in...
The Offer for Sale (OFS) included an option to sell an additional 8.44 crore shares, equivalent to 6.50percent equity.
Gautam Adani makes big move, raises Rs 48500000000 by selling stake in...
Adani Group: Billionaire businessman Gautam Adani's company, the Adani Group, raised Rs 4,850 crore on Friday through the sale of a 13.5% stake in Adani Wilmar. The company sold the stake as part of its strategy to focus on its core infrastructure business by exiting non-core activities. Adani Enterprises Ltd's subsidiary, Adani Commodities LLP, completed the Offer for Sale (OFS) of the stake in Adani Wilmar to non-retail investors. The OFS included an additional option to sell up to 8.44 crore shares, representing 6.50% of the equity. This marks the first phase of the port-to-power conglomerate's plan to exit the joint venture, where it currently holds a 43.94% stake.
In the second phase, Singapore's Wilmar International Ltd has agreed to acquire the remaining stake at a maximum price of Rs 305 per share.
The Offer for Sale (OFS) included an option to sell an additional 8.44 crore shares, equivalent to 6.50percent equity. Adani Commodities LLP, a subsidiary of Adani Enterprises Ltd, completed the OFS for a 13.5percent stake in Adani Wilmar, targeting non-retail investors on Friday, as per stock exchange filings.
The major transaction witnessed major demand from international and domestic investors. Notably, more than 100 national and international investors took part in the transaction which was one of the largest OFS in the Indian capital market recently.
The transaction was completed despite challenging market conditions, with the Sensex dropping 0.3 percent and the NIFTY MIDCAP 100 falling 2.1percent on Friday. In a filing, the group announced its intention to utilise the oversubscription option in the offer, adding 1.96 crore equity shares (1.51percent of the total issued and paid-up equity share capital) to the base offer size of 17.54 crore equity shares (13.50percent of the total issued and paid-up equity share capital).
"We wish to intimate the stock exchanges of our intention to exercise the oversubscription option in the offer to the extent of 1.96 crore equity shares (representing 1.51 per cent of the total issued and paid-up equity share capital of the company) in addition to 17.54 crore equity shares (representing 13.50 per cent of the total issued and paid-up equity share capital of the company) forming part of the base offer size," Adani Group said in a filing.
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