Adani Group on Saturday confirmed that it had not received any formal communication from the Securities and Exchange Board of India (SEBI) regarding the stalling of 4500 crore IPO of Adani Wilmar enterprises, MoneyControl reported.
The market regulator said on its website that Adani Wilmar’s IPO is “kept in abeyance” due to a pending investigation against the flagship company Adani Enterprises.
“SEBI has put on its website that Adani Wilmar IPO ‘Issuance of observations kept in abeyance’. However, we have not received any formal communication from SEBI with respect to the IPO observations being kept in abeyance,” a spokesperson of Adani Group told MoneyControl.
“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 co-operate with the regulators in the future as well,” the spokesperson added.
According to SEBI’s policy, if one department of the regulator is investigating a company, a related entity that has filed for an IPO may not get approval for 90 days. This delay can be further extended by another 45 days.
Adani Wilmar is a joint venture between Adani Enterprises and the Wilmar Group, in which Adani holds a 50 per cent stake in the company. The firm has 22 manufacturing units across 10 states. The company reported a net profit of Rs. 654.56 crore in the financial year 2020-21.
