The Adani group will raise ₹7,148 crore from the sale of up to a 20 per cent stake in FMCG firm Adani Wilmar in the open market as part of its strategy to exit non-core activities to focus on the infrastructure business.

The conglomerate, which last month announced its exit from Adani Wilmar by selling the bulk of its stake to a joint venture partner, will sell 17.54 crore shares (13.50 per cent 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 ₹275 apiece, according to a stock exchange filing by the company.

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

This is the first phase of the port-to-power conglomerate’s exit from the joint venture in which it holds 43.94 per cent. In the second phase, Singapore’s Wilmar International Ltd has agreed to acquire the residual stake at a price not exceeding ₹305 apiece.

On January 30, Adani announced its exit from the company which makes the Fortune brand cooking oil, wheat flour and other food products.

As per that announcement, Adani will sell up to 40.37 crore shares (31.06 per cent stake) to Wilmar at no more than ₹305 apiece.

The number of shares to be sold to Wilmar will depend on the response to OFS.

In all, Adani hopes to get in excess of $2 billion (about ₹17,100 crore) from the exit.

The transaction is expected to conclude before March 31, 2025.

Proceeds from the stake sale will be used to push the growth of Adani Enterprises Ltd in core infrastructure businesses.

This is the first major transaction post US federal prosecutors in November filing an indictment against group executives over a $265 million bribery scheme to win renewable energy supply contracts. The Adani group has denied the allegations as baseless and said it would seek legal recourse.

Adani Wilmar Ltd is an equal joint venture between Adani Group and Singapore-based commodity trader Wilmar.

The two partners currently own a combined 87.87 per cent of Adani Wilmar, far above the maximum permissible 75 per cent.

Markets regulator Sebi rules mandate that large firms must have at least 25 per cent of shares available to the public within three years from listing.

Established in 1999, Adani Wilmar makes Fortune brand cooking oil, wheat flour, pulses, rice and sugar.