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Adani Wilmar shares continued their downward trend for the third consecutive day, dropping 9.5%
Adani Wilmar Stocks Fall Today
Adani Wilmar shares continued their downward trend for the third consecutive day, dropping 9.5% to Rs 292 on January 10, following the launch of a two-day offer-for-sale (OFS) by promoter Adani Commodities targeting non-retail investors. The retail portion of the sale is set to begin on January 13.
Adani Commodities plans to sell 17 crore shares, representing 13.5% of Adani Wilmar’s total issued equity. The OFS also includes an oversubscription option, allowing for the sale of an additional 8.4 crore shares, or 6.5% of the company. The sale price is set at Rs 275 per share, offering a 6% discount to the day’s lowest price.
In December 2024, Adani Enterprises, the flagship company of the Adani Group, announced its decision to exit its joint venture stake in Adani Wilmar. As part of this move, Adani Enterprises intends to sell a 13% stake to comply with minimum public shareholding requirements, while its partner, Wilmar International, will acquire the remaining 31% stake.
Ventura Securities recently noted that the strategic sale of Adani Wilmar would enhance Adani Enterprises’ liquidity. The proceeds from the sale could potentially support additional debt of Rs 35,000 to Rs 36,000 crore, contributing to a total fund of Rs 50,000 to Rs 52,000 crore.
The report emphasized that the Adani Group’s equity as a percentage of overall assets currently stands at 63%, a figure expected to rise following this transaction, underscoring the group’s ongoing focus on maintaining a strong capital structure and effective capital management.
Over the past three days, Adani Wilmar’s shares have fallen by more than 11%, compared to a 1% decline in the Nifty 50 index. The stock had previously hit a 52-week low of Rs 279 per share on November 22, 2024.
