New Delhi: Capital market regulator Self The edible oil major has retained its proposed initial share sale of Rs 4,500 crore Adani Wilmar Limited (AWL) in “suspension”.
Although Securities and Exchange Board of India (SEBI) did not clarify further.
The company had filed preliminary documents with SEBI on August 3 to raise funds through an initial public offering (IPO).
According to an update on SEBI’s website dated August 13, without disclosing the reason, SEBI asked to “issue the observations kept in view” with regard to Adani Wilmar IPO.
In market parlance, SEBI’s comments are a kind of way forward to bring in a public issue.
In a statement on Saturday, Adani Group spokesperson said, “We have not received any formal communication from SEBI regarding the withholding of IPO comments”.
“While we have always been fully compliant with applicable SEBI regulations, we have made full disclosures to SEBI on specific information requests from them in the past. We will continue to cooperate with regulators in future also,” the spokesperson said.
AWL’s proposed listing on stock exchanges would include an IPO in the form of fresh issuance of new equity shares by AWL for an amount of up to Rs 4,500 crore (approximately $600 million).
Adani Enterprises Ltd (AEL), the flagship firm of the Adani Group, had said in a regulatory filing that there would be no secondary offering.
company, which sells cooking oil under Luck The brand is a major player in the edible oil industry.
It is proposed to use the proceeds from the IPO by AWL to fund capital expenditure for expansion of existing manufacturing facilities.
The funds will also be used to fund development of new manufacturing facilities, repayment/prepayment of borrowings, strategic acquisitions and investments and general corporate purposes.
AWL is a 50:50 joint venture company between Adani Group and Wilmar Group.
At present, six companies of the Adani Group are listed on the domestic stock exchanges. Apart from AEL, others listed are Adani Transmission, Adani Green Energyhandjob Adani Powerhandjob Adani Total Gas, and Adani Ports and Special Economic Zones.
Although Securities and Exchange Board of India (SEBI) did not clarify further.
The company had filed preliminary documents with SEBI on August 3 to raise funds through an initial public offering (IPO).
According to an update on SEBI’s website dated August 13, without disclosing the reason, SEBI asked to “issue the observations kept in view” with regard to Adani Wilmar IPO.
In market parlance, SEBI’s comments are a kind of way forward to bring in a public issue.
In a statement on Saturday, Adani Group spokesperson said, “We have not received any formal communication from SEBI regarding the withholding of IPO comments”.
“While we have always been fully compliant with applicable SEBI regulations, we have made full disclosures to SEBI on specific information requests from them in the past. We will continue to cooperate with regulators in future also,” the spokesperson said.
AWL’s proposed listing on stock exchanges would include an IPO in the form of fresh issuance of new equity shares by AWL for an amount of up to Rs 4,500 crore (approximately $600 million).
Adani Enterprises Ltd (AEL), the flagship firm of the Adani Group, had said in a regulatory filing that there would be no secondary offering.
company, which sells cooking oil under Luck The brand is a major player in the edible oil industry.
It is proposed to use the proceeds from the IPO by AWL to fund capital expenditure for expansion of existing manufacturing facilities.
The funds will also be used to fund development of new manufacturing facilities, repayment/prepayment of borrowings, strategic acquisitions and investments and general corporate purposes.
AWL is a 50:50 joint venture company between Adani Group and Wilmar Group.
At present, six companies of the Adani Group are listed on the domestic stock exchanges. Apart from AEL, others listed are Adani Transmission, Adani Green Energyhandjob Adani Powerhandjob Adani Total Gas, and Adani Ports and Special Economic Zones.
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