The markets regulator SEBI has put on its website that Adani Wilmar IPO "issuance of observations kept in abeyance," Adani Group said. "We have not received any formal communication from SEBI with respect to the IPO observations being kept in abeyance," it added.
India's edible oil major, Adani Wilmar (AWL) had filed a draft red herring prospectus (DRHP) with SEBI earlier in August to raise up to Rs 4,500 crore.
The IPO comprised of fresh issue of new equity shares by AWL for an amount of up to Rs 4,500 crore. The company was planning to use the funds generated by IPO to expand existing manufacturing facilities. The funds were also to be utilised for developing new manufacturing facilities, repayment and prepayment of borrowings and fund strategic acquisitions.
The company manufacturers popular edible oil brand 'Fortune'. It also operates in segments like atta, maida, basmati rice, rawa, besan, and pulses.
In the edible oil segment, AWL competes with brands like Nature Fresh, Gemini, Saffola (by Marico), Sundrop (by Agro Tech foods), Dhara (by Mother Dairy), and others owned by Patanjali and Emami Group.
First Published: IST