The Adani Group will raise 71.48 billion rupees ($833 million) by selling up to 20% stake in Mumbai-listed Adani Wilmar Ltd. as it exits non-core activities to focus on the bread-and-butter infrastructure businesses.

Adani Group, a port-to-power conglomerate that holds a nearly 44 per cent stake in Adani Wilmar, will sell up to 13.5 per cent to the public in a sale offer beginning on Jan 10, with an option to sell an additional 6.5 per cent, making up the 20 per cent.

Adani, which holds nearly 44% stake, will sell up to 13.5% to the public in an offer for sale beginning Jan 10, with an option to sell an additional 6.5%

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

Adani Wilmar shares plunged 9.24 per cent to hit a low of Rs 294 on BSE. The scrip is down 18.69 per cent in the past one year and 47 per cent in the past two years.

MUMBAI: Adani Group has decided to increase the size of its offer for sale (OFS) to offload part of its stake in Adani Wilmar to 20 per cent from 13 per cent announced earlier, due to strong demand from institutional investors.

Adani Wilmar shares fell over 9% on Friday, January 10, as the two-day offer-for-sale (OFS) by promoter Adani Commodities LLP kicks off. Read on to find out why the stock declined.

FMCG player Adani Wilmar is expected to draw attention on Friday, January 10, following the Thursday evening announcement that its founder plans to divest a stake in the company via an Offer For Sale (OFS).