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.

On January 9, the group had announced sale of 17.54 crore shares (13.50 percent 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 Rs 275 apiece.

Adani, which holds nearly 44% stake, will sell up to 13.5% to the public in an offer for sale beginning Jan 10, with an option to sell an additional 6.5%

The stock has been under pressure recently, falling nearly 10% over the past five trading sessions and losing 12.28% over the last six months.

Adani Wilmar shares plunged 9.24 per cent to hit a low of Rs 294 on BSE. The scrip is down 18.69 per cent in the past one year and 47 per cent in the past two years.

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 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.

India's Adani Group said on Thursday it plans to sell a stake of up to 20% in Adani Wilmar to the public, as the conglomerate looks to comply with minimum public shareholding rules amid plans to exit the consumer goods company.

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.