Capital markets regulator SEBI has kept the proposed ₹4,500-crore initial share-sale of edible oil major Adani Wilmar Ltd. (AWL) in “abeyance”.
However, the Securities and Exchange Board of India (SEBI) did not elaborate further.
The company had filed preliminary papers with SEBI on August 3, to raise funds through an initial public offering (IPO).
Without disclosing the reason, SEBI said “issuance of observations kept in abeyance” with regard to the Adani Wilmar IPO, according to an update on the SEBI website as on August 13.
In market parlance, SEBI’s observations is a kind of go-ahead to float a public issue.
In a statement on Saturday, an Adani Group spokesperson said, “we have not received any formal communication from SEBI with respect to the IPO observations being kept in abeyance”.
‘Fully compliant’
“While we have always been fully compliant with applicable SEBI Regulations, we have made full disclosure to SEBI on specific information requests from them in the past. We will continue to cooperate with the regulators in the future as well,” the spokesperson added.
AWL’s proposed listing on the stock exchanges will comprise the fresh issue of new equity shares by AWL for an amount of up to ₹4,500 crore.
There will not be any secondary offering, Adani Enterprises Ltd. (AEL), the flagship company of the Adani group, had said in a regulatory filing.
AWL, which sells cooking oils under the Fortune brand, is a major player in the edible oil industry.
The firm is a 50:50 joint venture between the Adani group and the Wilmar group.
