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Adani Group has raised Rs 4,850 crore from the sale of 13.5 percent 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. 

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. The offer for sale (OFS) included an option to additionally sell up to 8.44 crore shares, or 6.50 percent equity. 

Adani Commodities LLP, a subsidiary of Adani Enterprises Ltd, completed the offer for sale (OFS) for 13.5 percent stake in Adani Wilmar to non-retail investors on January 10, according to information available from stock exchange filings. The transaction saw massive demand from a diverse set of marquee international and domestic investors with over 100 investors participating in the transaction.

“We wish to intimate the stock exchanges of our intention to exercise the oversubscription option in the offer to the extent of 1.96 crore equity shares (representing 1.51 percent of the total issued and paid-up equity share capital of the company) in addition to 17.54 crore equity shares (representing 13.50 per cent of the total issued and paid-up equity share capital of the company) forming part of the base offer size,” the group said in a filing. 

Accordingly, the aggregate number of offer shares will be up to 19.50 crore (15.01 percent) of which, up to 1.95 crore (1.50 percent) would be available as part of the offer on January 13, it added. 

The conglomerate had announced its exit from Adani Wilmar in December 2024 by selling the bulk of its stake to a joint venture partner.

Post the successful completion of the OFS, Adani Wilmar has completed its programme for compliance with minimum public shareholding (MPS) norms, with promoters holding 74.37 percent, and the balance 25.63 percent held by public shareholders. 

Adani Wilmar Ltd is an equal joint venture between Adani Group and Singapore-based commodity trader Wilmar. The two partners own a combined 87.87 percent of Adani Wilmar, far above the maximum permissible 75 percent. 

SEBI rules mandate that large firms must have at least 25 percent of shares available to the public within three years from listing.

This transaction follows the agreement between Adani Enterprises Ltd (AEL) and Wilmar announced on December 30, 2024, pursuant to which Wilmar agreed to acquire AEL’s stake in AWL post-achievement of compliance with MPS norms. 

The OFS is the first phase of the port-to-power conglomerate’s exit from Adani Wilmar Ltd (AWL) in which it holds 43.94 percent. In the second phase, Singapore's Wilmar International Ltd has agreed to acquire the residual stake at a price not exceeding Rs 305 apiece. 

On December 30, Adani announced its exit from the company which makes Fortune brand cooking oil, wheat flour and other food products. As per that announcement, Adani will sell up to 40.37 crore shares (31.06 per cent stake) to Wilmar at no more than Rs 305 apiece. The number of shares to be sold to Wilmar will depend on the response to the OFS. The transaction is expected to conclude before March 31, 2025. 

SBI Capital, Jefferies, ICICI Securities, Nuvama, Antique, and Monarch acted as bankers to the OFS. 

With this transaction, the Adani Group has raised total equity capital of $3.15 billion this financial year. AEL had earlier raised $500 million in October 2024, by way of qualified institutional placement route. As a combination, AEL will have a $2.5-billion war chest to fully fund AEL and further turbo charge its incubation portfolio and sharpen its focus on underlying infrastructure platforms, including airports, roads, data centres, green hydrogen. 

Established in 1999, Adani Wilmar makes Fortune brand cooking oil, wheat flour, pulses, rice and sugar. It owns 23 plants across 10 states. The FMCG firm posted a consolidated total income of Rs 51,555.24 crore during the last fiscal. Its market capitalisation on stood at nearly Rs 42,000 crore (around $5 billion) on January 6. 

Shantanu Deshpande, founder and CEO of Bombay Shaving Company, shared a stark reflection on Indian work culture in a recent LinkedIn post. His unfiltered critique touched on the realities of the workforce, wealth inequities, and the deeply ingrained “work hard” ethos that has driven economies for centuries.

“If financial security were guaranteed, 99% wont show up to work the next day,” he stated, challenging the fundamental motivations that fuel the nation’s labor force. From gig workers to government employees, Deshpande observed a near-universal dissatisfaction, adding, “The story is the same. 19-20 ka farak.”

Deshpande didn’t hold back when discussing the wealth divide, highlighting how just 2,000 families control 18% of India’s wealth yet contribute far less than 1.8% of the country’s taxes. “That’s just INSANE,” he exclaimed. He questioned the morality of a system where the majority toil endlessly to sustain their families while a few benefit disproportionately.
 

Karan Virwani, CEO of WeWork India, responded with a public apology, acknowledging that the experience fell short of the company’s standards.

WeWork’s co-working space in Gurugram has come under fire after Alok Jain, founder of WeekendInvesting and an IIT alumnus, criticised the company's sales approach. Jain shared his dissatisfaction on social media platform X, accusing WeWork’s sales representative of adopting a high-handed attitude during an inquiry for office space at the Golf Course Road facility.

WeWork’s co-working space in Gurgaon has come under fire after Alok Jain, founder of WeekendInvesting and an IIT alumnus, criticised the company's sales approach. Jain shared his dissatisfaction on social media platform X, accusing WeWork’s sales representative of adopting a high-handed attitude during an inquiry for office space at the Golf Course Road facility.

The post quickly gained traction, amassing over 90,000 views and sparking a wave of comments, with many users sharing similar experiences. One commenter noted, “Sales processes have checklists, but the tone and approach matter. Some salespeople are not trained to handle larger accounts.” Another echoed Jain’s frustrations, saying, “Their sales folks have become too arrogant in recent years.”

Karan Virwani, CEO of WeWork India, responded with a public apology, acknowledging that the experience fell short of the company’s standards. “Dear Alok, I sincerely apologize for the experience you had with our customer service team,” Virwani wrote. “While our questions are intended to understand your needs better, the manner in which they were conveyed was not acceptable. We are implementing immediate changes to ensure such instances do not happen again.” He invited Jain for a one-on-one conversation to address concerns and improve services.

Despite the apology, the incident has sparked broader discussions about customer service in established brands. Many users noted a perceived decline in courtesy as brands grow, turning what should be a simple inquiry into a frustrating ordeal.