Adani Group, a port-to-power conglomerate that holds a nearly 44 per cent stake in Adani Wilmar, will sell up to 13.5 per cent to the public in a sale offer beginning on Jan 10, with an option to sell an additional 6.5 per cent, making up the 20 per cent.

Adani, which holds nearly 44% stake, will sell up to 13.5% to the public in an offer for sale beginning Jan 10, with an option to sell an additional 6.5%

India's Adani Group said on Thursday it plans to sell a stake of up to 20% in Adani Wilmar to the public, as the conglomerate looks to comply with minimum public shareholding rules amid plans to exit the consumer goods company.

Adani Wilmar shares plunged 9.24 per cent to hit a low of Rs 294 on BSE. The scrip is down 18.69 per cent in the past one year and 47 per cent in the past two years.

The offer for sale (OFS) will include an option to additionally sell up to 8.44 crore shares or 6.50 per cent equity.

The Adani Group will raise 71.48 billion rupees ($833 million) by selling up to 20% stake in Mumbai-listed Adani Wilmar Ltd. as it exits non-core activities to focus on the bread-and-butter infrastructure businesses.

The OFS price has been set at ₹ 275 per share, representing a 15% discount compared to Adani Wilmar 's closing price on Thursday. The sale will commence for non-retail investors on Friday, January 10, and for retail investors on Monday, January 13.

The OFS will have a base offer of 13.5% equity and a green shoe option for another 6.5% stake, a company filing said on January 9.

Adani Wilmar shares fell over 9% on Friday, January 10, as the two-day offer-for-sale (OFS) by promoter Adani Commodities LLP kicks off. Read on to find out why the stock declined.

MUMBAI: Adani Group has decided to increase the size of its offer for sale (OFS) to offload part of its stake in Adani Wilmar to 20 per cent from 13 per cent announced earlier, due to strong demand from institutional investors.