UPDATE ON AUG 21, 02:18 PM IST
Adani Wilmar Ltd had filed its preliminary documents with SEBI on August 3 for the purpose of raising funds from the market through Initial Public Offering (IPO). SEBI said that in the case of Adani Wilmar IPO, the issue has been kept under observation.
Market regulator body SEBI has put on hold the initial share sale of Rs 4,500 crore proposed by leading and leading edible oil company Adani Wilmar Ltd (AWL). However, SEBI has not provided any further information. The company had filed its preliminary documents with SEBI on August 3 with the aim of raising funds from the market through Initial Public Offering (IPO).As per the update available on SEBI's website dated August 13, SEBI without disclosing any reason said, "The issue in the case of Adani Wilmar IPO has been kept under observation."
The proposed listing by AWL on the stock exchange will include fresh issue of fresh equity shares by the company for an amount of up to Rs 4,500 crore (approximately USD 600 million) under the IPO. While filing a regulatory filing on behalf of Adani Enterprises Ltd (AEL), the flagship company of Adani Group, it was told that no secondary offering will be made by the company. This company is a major company selling edible oil under the Fortune brand.
The main objective of IPO through AWL is to fund capital expenditure and increase manufacturing facilities. In addition, the funds raised will be used for new manufacturing facilities, debt repayment, acquisition and investment of fund related strategies, as well as for general corporate purposes.