Adani Enterprises made the announcement to exit its joint venture stake in Adani Wilmar, marking a significant shift in its business strategy. As part of the move, Adani Enterprises sold its 13 percent stake to comply with minimum public shareholding regulations.

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.

The OFS price is set at Rs 275 per share. At 11.15 am, shares of Adani Wilmar sank 6.5 percent to Rs 273.5, which is under the OFS price. Discover the latest business news, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!

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.

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.

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.

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

India's Adani Wilmar fell over 6% in early trade on Tuesday, a day after the Adani Group said it would sell its entire 44% stake in the consumer goods company in a $2 billion deal to focus on strengthening its infrastructure businesses.

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