Adani Group Generates ₹4,850 Crore from Adani Wilmar Stake Sale

Adani Group's Strategic Stake Sale in Adani Wilmar

In a bold financial maneuver, the Adani Group secured ₹4,850 crore by divesting a 13.5% stake in Adani Wilmar Ltd. This transaction reflects a significant phase in Adani's strategy to streamline business interests, focusing particularly on core infrastructure sectors. The sale adhered to the offer for sale (OFS) mechanism, executed over January 10 and 13, 2025, selling 17.54 crore shares at a floor price of ₹275 per share. This price point offered a noticeable 15% discount compared to the shares' market value before the OFS announcement.

Adani Commodities LLP, a subsidiary of Adani Enterprises Ltd, facilitated this sale as a move to comply with minimum public shareholding (MPS) norms. It resulted in increasing the public ownership of Adani Wilmar from 12.13% to 25.63%. Interestingly, the sale included an oversubscription option for an extra 6.5% stake, amounting to 8.44 crore shares, although full uptake of this option is yet to be confirmed.

The Road Ahead: Focus on Infrastructure

This divestment marks the first phase of a structured exit by the Adani Group from Adani Wilmar, a joint venture with Wilmar International Ltd of Singapore. In future plans, Wilmar International intends to purchase the remaining 31.06% stake—comprising 40.37 crore shares—at a maximum price of ₹305 per share, pending regulatory clearances.

The divestment supports Adani's shift towards essential sectors such as airports, roads, and green hydrogen. The proceeds will add to the war chest of Adani Enterprises, enhancing their capability to pursue substantial infrastructure projects. This financial strategy is bolstered by a $500 million qualified institutional placement (QIP) conducted in October 2024, aligning with Adani's vision for a $2.5 billion infrastructure expansion.

Despite the promising outlook for infrastructure investment, Adani Wilmar's shares fell nearly 10% throughout the OFS period, indicating market concerns over share dilution. Historically, the joint venture partners held a 43.94% stake each, with the remainder held by public stakeholders. The complete exit is anticipated by March 31, 2025, concluding this significant reshaping of Adani’s business landscape.

The OFS was managed by a coalition of financial institutions, including SBI Capital, Jefferies, ICICI Securities, Nuvama, Antique, and Monarch, ensuring the process was executed with diligence and precision.