Adani Group raises Rs 4,850 cr from 13.5% stake sale in Adani Wilmar

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Adani Group raises Rs 4,850 cr from 13.5% stake sale in Adani Wilmar - Business Standard

Quick Summary:

The conglomerate, which last month announced its exit from Adani Wilmar by selling the bulk of its stake to a joint venture partner, had on Thursday announced sale of 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.

Adani Group on Friday raised Rs 4,850 crore from the sale of 13.5 per cent of its stake in Fortune oil maker Adani Wilmar as part of a strategy to exit non-core activities to focus on main infrastructure business.

The offer for sale (OFS) included an option to additionally sell up to 8.44 crore shares, or 6.50 per cent equity.