The share sale of Adani Wilmar to institutional investors on Friday received a strong response, resulting in the subsidiary of Adani Enterprises Ltd (AEL) raising over ₹4,367 crore.

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.

Adani Commodities Ltd (ACL), the AEL arm, will sell around 31.06 per cent of Adani Wilmar to its Singaporean partner Wilmar International for ₹12,314 crore. It will also divest around 13 per cent shares of its holding in the open market to achieve minimum public shareholding (MPS) norms.

For the open market sale, ACL had announced an offer-for-sale (OFS) on January 10 and on January 13 (for retail investors) at a floor price of ₹275 per share. The share sale on Friday was only for non-retail investors.

Data available from the stock exchanges showed that against the offer size of 157,910,950 shares, the cumulative bid quantity stood at 175,577,869 shares. The OFS included an option to additionally sell up to 8.44 crore shares, or 6.50 per cent equity.

ACL had earlier announced that it will sell 17,54,56,612 equity shares, representing up to 13.50 per cent of the Adani Wilmar equity, on January 10, or non-retail investors only.

It will also sell shares on January 13 for retail investors and for non-retail investors who choose to carry forward their unallotted bids.

The company had then added that it has an option to additionally sell up to 8,44,79,110 equity shares (representing 6.50 per cent of Adani Wilmar).

If this over-subscription option is exercised, the total amount of shares that will be offered will constitute 20 per cent of the equity of Adani Wilmar.