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 Wilmar shares dropped 9% to ₹293.55 after promoter Adani Commodities announced plans to divest up to 20% stake via an Offer For Sale. The sale price is set at ₹275 per share, with non-retail investors eligible from January 10.

Adani Group exits its joint venture, Adani Wilmar, by selling its entire stake to Wilmar International and in the open market for over USD 2 billion. This move led to a significant drop in share prices.

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.

On January 9, the group had announced sale of 17.54 crore shares (13.50 percent 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.

The Adani Group will sell its stake in consumer goods firm Adani Wilmar to joint venture partner Wilmar International for 123.14 billion rupees ($1.44 billion) as the Indian conglomerate sharpens its focus on infrastructure projects.

The OFS will have a base offer of 13.5% equity and a green shoe option for another 6.5% stake, a company filing said on January 9.

Last month, the conglomerate had said that it will sell its entire 44 per cent stake in Adani Wilmar in a two-step process for $2 billion

The Offer for Sale (OFS) included an option to sell an additional 8.44 crore shares, equivalent to 6.50percent equity.

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.