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The company had filed preliminary papers with Sebi on August 3.
Securities and Exchange Board of India (Sebi) has kept the proposed Rs 4,500-crore initial public offering of edible oil major Adani Wilmar Ltd (AWL) in “abeyance” without giving any clarification.
“Issuance of observations kept in abeyance” with regard to the Adani Wilmar IPO, the capital markets regulator notified its website on August 13, without disclosing any reason.
The company had filed preliminary papers with Sebi on August 3, to raise funds through an initial public offering (IPO).
The proposed listing of AWL will comprise an IPO in the form of fresh issue of new equity shares by AWL for an amount of up to Rs 4,500 crore.
There will not be any secondary offering, Adani Enterprises Ltd (AEL), the flagship firm of Adani group, had said in a regulatory filing.
The company, which sells cooking oils under the Fortune brand, is a major player in the edible oil industry.
The IPO proceeds will be used to fund capital expenditure for expansion of existing manufacturing facilities, the company said. AWL will also utilise the funds to develop new manufacturing facilities, repayment/ prepayment of borrowings, to fund strategic acquisitions and investments, and general corporate purposes.
AWL is a 50:50 joint venture company between the Adani group and the Wilmar group.