FMCG player Adani Wilmar will see one of its promoters, Adani Commodities LLP, divest up to 20% of its shares in the company through an offer for sale (OFS) starting on January 10.

Under the proposed OFS, Adani Commodities will sell around 17.54 crore shares, representing 13.5% stake in the company, on January 10, ‘T-Day’. The OFS also includes an oversubscription option whereby the said promoter sells an additional 8.44 crore shares or 6.5% of the equity capital of the company.

The floor price for the OFS has been set at Rs 275, which is a 15% discount to the company’s current market price.

If the promoter decides to exercise the oversubscription option, the OFS will be available for bidding for retail investors on January 13, the T+1 day.

Only non-retail investors are allowed to place their bids on the T-day, but they may express their willingness to carry forward their unallocated bids to the T+1 day for allocation to them in a scenario where the retail category is signed.

At least 25% of the offering is reserved for investment funds and insurance companies and around 10% is reserved for private investors. Allotment will be made primarily at or above the offer price, except in the case of retail investors investors have the option to bid at the cutoff price. The offer will be made on two trading days in a separate window of the stock exchanges. Antique Stock Broking, ICICI Securities, Jefferies India, Nuvama Wealth and SBICAP Securities are acting as brokers on behalf of the sellers.

Adani Wilmar, a leading FMCG company offering most of the kitchen staples, is a joint venture between Adani Group and Wilmar International in which both companies hold 43.94% stake each. The rest of the shares are owned by public shareholders.

On Thursday, shares of Adani Wilmar closed 0.6% lower at Rs 324 on the NSE.