Adani Wilmar stock tumbles nearly 10% in early Friday trade
Adani Group will raise Rs 7,148 crore from the sale of up to 20 per cent stake in the FMCG firm
New Delhi: Shares of Adani Wilmar tumbled nearly 10 per cent on Friday morning following news that the Adani Group will raise Rs 7,148 crore from the sale of up to 20 per cent stake in the FMCG firm in the open market as part of its strategy to exit non-core activities to focus on infrastructure business.
The stock tanked 9.84 per cent to Rs 292.05 on the BSE. At the NSE, it dropped 9.69 per cent to Rs 292.10. It later recovered and was trading at Rs 296.95, down 8.33% at 12:19 pm on the BSE
The conglomerate, which last month announced its exit from Adani Wilmar by selling the bulk of its stake to a joint venture partner, will sell 17.54 crore shares (13.50 per cent equity) in the company on January 10 (to non-retail investors) and on January 13 (to retail investors) at a floor or minimum price of Rs 275 apiece, according to a stock exchange filing by the company.
The offer for sale (OFS) will include an option to additionally sell up to 8.44 crore shares or 6.50 per cent equity.
Adani Wilmar Ltd is an equal joint venture between Adani Group and Singapore-based commodity trader Wilmar. The two partners currently own a combined 87.87 per cent of Adani Wilmar, far above the maximum permissible 75 per cent.
