scorecardresearch
Follow Us:
Wednesday, September 22, 2021

Sebi puts Adani Wilmar’s Rs 4,500-cr IPO in abeyance

Adani Wilmar, a 50:50 joint venture between the Adani Group and Singapore-based Wilmar Group, had filed its draft red herring prospectus (DRHP) with the Sebi on August 2.

By: ENS Economic Bureau | Mumbai |
August 21, 2021 4:06:01 am
Earlier this month, financial services company Bajaj Finserv had announced that Sebi had given its in-principle nod to the company for sponsoring a Mutual Fund. The company would also be setting an asset management company.

Markets regulator Sebi has put the Rs 4,500-crore initial public offering (IPO) of Adani Wilmar Ltd in “abeyance”. As per the Securities and Exchange Board of India (Sebi) website, the Adani Wilmar IPO has been “kept in abeyance”.

Adani Wilmar, a 50:50 joint venture between the Adani Group and Singapore-based Wilmar Group, had filed its draft red herring prospectus (DRHP) with the Sebi on August 2.

While the regulator has not given any reason for keeping the IPO in abeyance, an ongoing investigation into the group’s flagship company Adani Enterprises might have prompted the Sebi to put the issue on hold. Adani Enterprises, promoted by Gautam Adani, holds 50 per cent stake in Adani Wilmar, which owns the edible oil brand ‘Fortune’.

The proposed IPO offer worth Rs 4,500 crore will comprise a fresh issue of equity shares by the firm and there will not be any secondary offering. If there are pending investigations against a company by the Sebi or any other regulatory body or government authority, the regulator normally puts the IPO in abeyance.

📣 The Indian Express is now on Telegram. Click here to join our channel (@indianexpress) and stay updated with the latest headlines

For all the latest Business News, download Indian Express App.

  • The Indian Express website has been rated GREEN for its credibility and trustworthiness by Newsguard, a global service that rates news sources for their journalistic standards.
Advertisement
Advertisement
Advertisement
Advertisement