Markets regulator Sebi has put the Rs 4,500-crore preliminary public providing (IPO) of Adani Wilmar Ltd in “abeyance”. As per the Securities and Exchange Board of India (Sebi) web site, the Adani Wilmar IPO has been “kept in abeyance”.
Adani Wilmar, a 50:50 three way partnership between the Adani Group and Singapore-based Wilmar Group, had filed its draft purple herring prospectus (DRHP) with the Sebi on August 2.
While the regulator has not given any purpose for retaining the IPO in abeyance, an ongoing investigation into the group’s flagship firm Adani Enterprises might need prompted the Sebi to place the problem on maintain. Adani Enterprises, promoted by Gautam Adani, holds 50 per cent stake in Adani Wilmar, which owns the edible oil model ‘Fortune’.
The proposed IPO supply price Rs 4,500 crore will comprise a recent concern of fairness shares by the agency and there is not going to be any secondary providing. If there are pending investigations towards an organization by the Sebi or some other regulatory physique or authorities authority, the regulator usually places the IPO in abeyance.
