Adani Commodities, one of the promoter entities of the Adani group, will be selling up to 20 per cent stake in Adani Wilmar through an offer for sale at a floor price of ₹275 per share, the company said in a statement.

The base offer is for 17.55 crore shares or 13.5 per cent equity with an oversubscription option of 8.45 crore shares or 6.5 per cent equity. At the floor price, the sale would generate ₹7,150 crore.

The trade will take place over two days with the bid window being open for non-retail investors on January 10 and for retail investors on January 13.

The OFS is being conducted to comply with the minimum shareholding norm.

On December 30, the Adani group announced its exit from Adani Wilmar in two stages. In the first phase Adani Commodities would sell such stake so as to comply with the minimum public shareholding norm and in the second phase Adani Enterprises would sell the 31 per cent stake held by it to its joint venture partner Wilmar International.

Under the terms of the agreement between the joint venture partners, the sale of stakes by Adani Enterprises would not exceed ₹305 per share.

The exit of Adani Wilmar is part of the group’s strategy to focus on its core infrastructure businesses while the proceeds of the stake sale will add to the group’s firepower to spend on expansions and acquisitions.