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Adani Enterprises shares drop over 4% after SEBI stays Rs 4,500 cr-Adani Wilmar IPO

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Adani Enterprises shares drop over 4% after SEBI stays Rs 4,500 cr-Adani Wilmar IPO

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SEBI has put on hold the Adani Wilmar IPO due to an investigation that is pending against the flagship entity of ports-to-energy conglomerate Adani Group.

Adani Enterprises shares drop over 4% after SEBI stays Rs 4,500 cr-Adani Wilmar IPO
The share price of Adani Enterprises declined over 4 percent on Monday after capital market regulator Securities & Exchange Board of India (SEBI) put on hold the initial public offering (IPO) of Adani Wilmar.
SEBI has put on hold the Adani Wilmar IPO due to an investigation that is pending against the flagship entity of ports-to-energy conglomerate Adani Group.
"We have not received any formal communication from SEBI with respect to the IPO observations being kept in abeyance," an Adani Group spokesperson said.
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Adani Wilmar is a 50:50 joint venture company between Gautam Adani-led Adani Group and Singapore-based Wilmar International.
Earlier this month, Adani Wilmar had filed a draft red herring prospectus (DRHP) with SEBI to raise up to Rs 4,500 crore. The IPO would be a fresh issue of new equity shares by Adani Wilmar.
Adani Wilmar manufacturers popular edible oil brand 'Fortune'. It also operates in segments like atta, maida, basmati rice, rawa, besan, and pulses.
The company plans to use the funds generated by IPO to expand existing manufacturing facilities. The funds are also to be utilised for developing new manufacturing facilities, repayment and prepayment of borrowings and fund strategic acquisitions.
At 12:20 pm, the shares of Adani Enterprises were trading 1.16 percent lower at Rs 1,410.90 apiece on the BSE.
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