Adani Wilmar's stock drops 9% as the promoter plans to sell off 20% of the company through OFS.
Through an offer for sale. Beginning on January 10, non-retail investors are allowed to purchase shares at the established sale price of ₹275 each.
One of the company’s promoters is Adani Commodities LLP. In its regulatory filing on Thursday, the firm stated that the seller intends to sell up to 17,54,56,612 equity shares of the company (the “Base Offer Size”) on January 10, 2025, which represents 13.50% of the entire issued and paid-up equity share capital of the company. In order to sell an extra 6.5% of the OFS, the corporation can also choose to exercise a greenshoe mechanism.
Adani plans $3 billion outlay to launch semicon business
The price of OFS has been set at ₹275 per share, which is 15% less than the closing price of Adani Wilmar on Thursday. On Friday, January 10, the sale will open to non-retail investors, and on Monday, January 13, it will open to retail investors. The Adani Group’s flagship company, Adani Enterprises, said late last month that it was selling its joint venture holding in Adani Wilmar. In order to satisfy the minimal requirements for public shareholding, the business planned to sell 13.5% of its shares, while Adani Wilmar’s other promoter, Wilmar International, agreed to buy the remaining 31% of the company. Adani Commodities owned 43.94 percent of Adani Wilmar as of the September quarter, while Lence Pte., a division of Wilmar International, also owned 43.94 percent.It is estimated that Adani Enterprises currently owns a stake in Adani Wilmar worth ₹18,500 crore, or more than $2 billion.
Reports 33% jump in revenue in Q3FY25
Despite large price increases brought on by an increase in the cost of raw materials, the company managed a 6% YoY increase in volume in Q3. Compared to the prior year, revenue increased by 33% year over year. After the customs tax increases in mid-September, underlying commodity costs sharply increased, which had an impact on the demand for edible oil, which accounted for 79% of value in Q3. In Q3FY25, its edible oil volume increased by about 4% YoY. However, a double-digit drop in packaged palm oil sales and consumer downtrading were the main causes of the low single-digit loss in branded sales. In Q3, the Food & FMCG segment saw a 22% YoY increase in revenue. According to the company’s regulatory filing, Industry Essentials’ revenue increased 6% year over year in Q3FY25.
