Ahmedabad, Jan 10 The Adani Group on Friday raised about Rs 4,850 crore after selling 13.5 per cent of its stake in Adani Wilmar. The conglomerate last month announced its exit from Adani Wilmar by selling the bulk of its stake to a joint venture partner.
In a stock exchange filing, the company announced the sale of 17.54 crore shares (13.50 per cent equity) in the company (to non-retail investors) and on January 13 (to retail investors) at a floor or minimum price of Rs 275 apiece.
Adani Commodities LLP, a subsidiary of Adani Enterprises Ltd, completed the offer for sale (OFS) for a 13.5 per cent stake in Adani Wilmar to non-retail investors on Friday. The offer for sale (OFS) included an option to additionally sell up to 8.44 crore shares, or 6.50 per cent equity.
"We wish to intimate the Stock Exchanges of our intention to exercise the Oversubscription Option in the Offer to the extent of 1,96,29,910 Equity Shares (representing 1.51 per cent of the total issued and paid-up Equity Share capital of the Company) in addition to 17,54,56,612 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 Commodities LLP said in the stock exchange filing.
“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,” it informed.
The transaction underlines the ability of the Adani Group to continue to successfully raise capital (both debt and equity) independent of underlying market scenarios. With this transaction, the Adani Group has raised a total equity capital of $3.15 billion this fiscal.
Adani Wilmar has now completed its programme for compliance with minimum public shareholding (MPS) norms, with promoters holding 74.37 per cent, and the balance 25.63 per cent held by public shareholders.
On December 30, the Group announced that it would exit Adani Wilmar Ltd (AWL) by divesting its entire 44 per cent stake in the joint venture to raise over $2 billion.
In addition, Wilmar International Ltd. has agreed to acquire the 31 per cent stake held by the Adani flagship in the edible oil maker. Adani Wilmar had a market capitalisation of Rs 42,785 crore ($5 billion) as on December 27.
Adani Enterprises Ltd will use the proceeds from the sale to turbocharge its investments in the core infrastructure platforms in energy and utility, transport and logistics, and other adjacencies in primary industry.
Adani Wilmar has 100 per cent urban coverage and presence in over 30,600 rural towns in India and exports to over 30 countries globally.
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