Adani Wilmar, the food and beverage arm of the Adani Group, shares nosedived almost 10 per cent on NSE (National Stock Exchange), as OFS sale of the Adani Wilmar from one of the promoters; Adani Commodities has offering up to 17,54,56,612 shares representing 13.50 per cent of the company.

The shares of Adani Wilmar went on to touch the day low level of Rs 292.10 per share on the Indian bourses after hitting the opening bell on exchanges at Rs 294.00 per share.

Adani Wilmar shares were trading around Rs 296.80 per share with a drop of more than 8 per cent amounting to a Rs 26.65 per share on the Indian bourses.

OFS (Offer for sale details)

The OFS will be open to non-retail investors on January 10 and open to retail investors on January 13. Non-retail investors may express their desire to have their unallocated bids in the unsubscribed retail category carried over to Monday for allocation to them.

Adani Commodities LLP has the option to sell up to 8,44,79,110 more shares, which would account for 6.50 per cent of the company's total issued and paid-up equity share capital.

Adani group's complete exit from Wilmar

Interestingly, the OFS was revealed following Adani Enterprises Ltd.'s announcement that it would fully exit AWL, its joint venture with Wilmar International. AEL intends to use the more than USD 2 billion it will receive from the exit to reinvest in its core infrastructure platforms.

Wilmar's subsidiary, Lence Pte Ltd, will purchase up to 31.06 per cent of Adani Commodities' shares in AWL. Wilmar International is anticipated to launch its international brands into the Indian market after this agreement.