Indian Capital Market regulator Securities and Exchange Board of India (SEBI) has kept in abeyance or temporarily the initial public offering (IPO) of the agro-commodity company Adani Wilmar. The observations by Sebi on the IPO by agro-commodity company Adani Wilmar have been in “kept in abeyance”, showed the regulator’s website. The Rs 4,500 crore IPO is kept in abeyance due to an investigation that is pending against Adani Enterprises, the flagship entity of the Group, according to a report.
Under the SEBI 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, the report said. Adani Wilmar aims to be the seventh company from the Adani Group to be listed on exchanges. The processing status of draft offer documents is being updated on a weekly basis and the status as of August 20, 2021, would be uploaded on the next working day (August 23), according to the Sebi website.
Sebi usually puts its approval for a draft prospectus in abeyance in case it needs more inputs from other regulatory bodies or if there are pending investigations against a company by Sebi or any other regulatory body or government authorities.