Jan 9 (Reuters) - India's Adani Group said on Thursday it plans to sell a stake of up to 20% in Adani Wilmar ADAW.NS to the public, as the conglomerate looks to comply with minimum public shareholding rules amid plans to exit the consumer goods company.
Adani, which holds a nearly 44% stake in the joint venture with Singapore's Wilmar International WLIL.SI, 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 group has set a floor price of 275 rupees per share, a near 15% discount to Thursday's closing price of 323.45 rupees on the National Stock Exchange.
Adani said in December it would exit Adani Wilmar in a $2 billion deal as it sharpens its focus on its infrastructure business.
According to the deal announced last month, Wilmar International would acquire a maximum of 31.06% stake in Adani Wilmar from Adani Group, while Adani would sell about 13% in the consumer goods venture to comply with minimum public shareholding requirements.
Indian regulations require listed companies to ensure that at least 25% of their shares are held by the public. Adani Wilmar has a public shareholding of about 12%, according to exchange data.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.