India’s Adani Group said on Thursday it plans to sell a stake of up to 20% in Adani Wilmar to the public, as the conglomerate seeks to comply with minimum public shareholding rules as part of its plans to withdrawal from consumer goods company.
Adani, which holds a nearly 44% stake in the joint venture with Singapore’s Wilmar International, will sell up to 13.5% to the public in an offer for sale beginning January 10, with a put option an additional 6.5%.
The group has set a floor price of Rs 275 per share, a discount of almost 15% from the closing price of Rs 323.45 recorded on the National Stock Exchange on Thursday.
Adani said in December it would spin off Adani Wilmar in a $2 billion deal, to focus more on its infrastructure business.
Under the deal announced last month, Wilmar International would acquire a maximum 31.06% stake in Adani Wilmar from the Adani Group, while Adani would sell about 13% of the consumer goods business in order to comply with the requirements minimum requirements in terms of public shareholding.
Indian regulations require listed companies to ensure that at least 25% of their shares are held by the public. Adani Wilmar has a public stake of around 12%, according to stock exchange data.
