Capital market regulator Sebi has kept the proposed Rs 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 clarify further.
The company had filed preliminary papers with Sebi on August 3 to raise funds through an initial public offering.
Without disclosing the reason, Sebi said the “issuance of observations has been kept in abeyance” with regard to the Adani Wilmar IPO, according to an update on the Sebi website on August 13.
In market parlance, the observations of Sebi is a kind of a go-ahead to float a public issue.
In a statement on Saturday, the Adani Group spokesperson said, “We have not received any formal communication from Sebi with respect to the IPO observations being kept in abeyance.”
“While we have always been fully compliant with the 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.
The proposed listing of AWL on the stock exchanges will comprise an IPO in the form of a fresh issue of equity shares for an amount of up to Rs 4,500 crore (around $600 million).
