Adani Group News: Adani Group will raise Rs 7,148 crore by selling 20 per cent stake in FMCG company Adani Wilmar in the open market. This is part of its strategy to exit non-core activities and focus on the infrastructure business. The group, which last month announced it was exiting Adani Wilmar by selling most of its shares to a joint venture partner, will sell 175.4 million shares (13.50 per cent stake) in the company (to non-retail investors) on January 10 and set a base or minimum price per share on January 13 (according to a filing with the stock exchange, the minimum investment amount (for retail investors) has been set at Rs. 275).

An additional 84.4 million shares, or 6.50 per cent, will be sold in the offer for sale (OFS).

This is the first step in exiting the port-to-power joint venture, in which it holds a 43.94 per cent stake. In the second step, Singapore-based Wilmar International Ltd has agreed to buy the remaining shares for over 305 million rand.

On January 30, Fortune Adani has announced its exit from the company that makes branded cooking oil, wheat flour and other food products. According to the statement, Adani has offered 40.37 crore shares (31.06 percent stake) to Wilmar, with a total value of not more than Rs. 10,000 crore. The number of shares to be sold to Wilmar will depend on the response from OFS. Adani expects to raise more than US$ 2 billion (about Rs. 17,100 crore) through the exit.

The transaction is expected to close before March 31, 2025. The funds from the stake sale will be used to accelerate the growth of Adani Enterprises Ltd's core infrastructure business.

This is the first major transaction after US federal prosecutors charged group executives with taking US$265 million in bribes to secure renewable energy supply contracts in November. Adani Group has denied the allegations and said it is seeking legal assistance.

Adani Wilmar Limited is a 50/50 joint venture between Adani Group and Singapore-based commodities trader Wilmar. Currently, the two partners hold 87.87 per cent stake in Adani Wilmar, much higher than the maximum permitted 75 per cent.

As per the regulations of market regulator Sebi, large companies have to make at least 25 per cent of their shares available to the public within three years of listing. Adani Wilmar, founded in 1999, produces Fortune brand cooking oil, wheat flour, pulses, rice and sugar. It has 23 plants across 10 states.

The FMCG company reported consolidated total revenue of Rs 51,555.24 crore in the last fiscal. Its market capitalisation on Monday was around Rs 42,000 crore (about US$5 billion). The initial public offering (IPO) is expected to raise Rs 100 crore. After raising Rs 3,600 crore, Adani Wilmar will be listed on the stock exchange in February 2022.