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.

The OFS will have a base offer of 13.5% equity and a green shoe option for another 6.5% stake, a company filing said on January 9.

A minimum of 25% of the offer is reserved for mutual funds and insurance companies, and about 10% is kept aside for the retail investors.

Adani Group exits its joint venture, Adani Wilmar, by selling its entire stake to Wilmar International and in the open market for over USD 2 billion. This move led to a significant drop in share prices.

The Adani Group will sell its stake in consumer goods firm Adani Wilmar to joint venture partner Wilmar International for 123.14 billion rupees ($1.44 billion) as the Indian conglomerate sharpens its focus on infrastructure projects.

Indian billionaire Gautam Adani’s Adani Enterprises is selling its entire stake in Mumbai-listed Adani Wilmar in a $2 billion multi-phased deal with partner Singapore-based Wilmar International.

MUMBAI: Adani Group has decided to increase the size of its offer for sale (OFS) to offload part of its stake in Adani Wilmar to 20 per cent from 13 per cent announced earlier, due to strong demand from institutional investors.

India's Adani Wilmar fell over 6% in early trade on Tuesday, a day after the Adani Group said it would sell its entire 44% stake in the consumer goods company in a $2 billion deal to focus on strengthening its infrastructure businesses.

An additional option to sell up to 8.44 crore shares will be included in the offer for sale (OFS) or 6.5% of equity shares. The port-to-power conglomerate, which owns 43.94 percent of the joint venture,

FMCG player Adani Wilmar is expected to draw attention on Friday, January 10, following the Thursday evening announcement that its founder plans to divest a stake in the company via an Offer For Sale (OFS).