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.

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.

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

The OFS price has been set at ₹ 275 per share, representing a 15% discount compared to Adani Wilmar 's closing price on Thursday. The sale will commence for non-retail investors on Friday, January 10, and for retail investors on Monday, January 13.

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.

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.

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.

An additional option to sell up to 8.44 crore shares will be included in the offer for sale (OFS) or 6.5% of equity shares. The port-to-power conglomerate, which owns 43.94 percent of the joint venture,