Adani Wilmar shares experienced a significant decline of 9.5% on January 10, dropping to ₹292.65 per share. This decline occurred after the announcement of the company's promoter's decision to divest up to 20% of the stake through an offer for sale (OFS). The offer price has been set at ₹275 per share, a 15% discount compared to the previous closing price.
Key Details of the OFS
- Base Offer Size: 17.55 crore equity shares (13.5% of the paid-up equity capital).
- Greenshoe Option: An additional 6.5% stake can be offered, bringing the total divestment up to 20%.
- Schedule: Non-retail investors can participate starting January 10, while retail investors can join from January 13.
Promoters' Stakeholding and Restructuring
As of the September quarter, Adani Commodities and Lence Pte. (Wilmar International) held a 43.94% stake each in Adani Wilmar. The stake sale aligns with Adani Enterprises' recent decision to exit the joint venture, a move that is expected to have significant implications for the company's future direction and operations. Wilmar International will acquire the remaining 31% stake.
Performance Overview
- Q3FY25 Revenue Growth: 33% YoY.
- Volume Growth: Edible oil volumes grew by 4% YoY despite rising raw material costs and customs duty hikes.
- Food & FMCG Segment: Recorded a 22% YoY revenue growth.
- Industry Essentials: Achieved a 6% YoY revenue increase.
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