New Delhi: Capital Market Regulator Sebi Has Keeps Rs 4,500-Crore Initial Previous Share – Sales of Edible Major Oil Adani Wilmar Ltd (AWL) in “Abeyance”.
However, the effect and Exchange Board of India (SEBI) did not explain further.
The company has submitted an initial paper with SBI on August 3, to raise funds through an initial public offering (IPO).
Without revealing the reason, Sebi said “the publication of observations was stored in the delay” in connection with the IPO Adani Wilmar, according to the update on the website of the SEBI on August 13.
In the market, observations are a kind of shake to float public problems.
In a statement on Saturday, a spokesman for Adani Group said, “We have not received formal communication from Sebi in connection with IPO observations stored in delays”.
“While we are always completely in accordance with the applicable regulations, we have made full disclosure to the request of specific information from them in the past.
We will continue to work with regulators in the future too,” said the spokesman.
The AWL list proposed on the stock exchange will consist of an IPO in the form of a new edition of new equity stock by AWL with an up to 4,500 crore (around $ 600 million).
There will be no secondary offers, Adani Enterprises Ltd (AEL), the mainstay company of Adani Group, said in the submission of regulations.
The company, which sells cooking oil under the Fortune brand, is the main player in the edible oil industry.
The acceptance of the IPO was proposed to be used by AWL to fund capital expenditure to expand existing manufacturing facilities.
The funds will also be used to develop new manufacturing facilities, payments / payments in advance loans, to fund strategic acquisition and investment, and company general needs.
AWL is a joint venture 50:50 between the Adani Group and the Wilmar Group.
At present, six adani group companies are registered on domestic exchanges.
Apart from Ael, the other registered is Adani’s transmission, Adani Green Energy, Adani Power, Total Gas, and Special Economic Port.