India’s securities regulator has put a proposed initial public offering from food company Adani Wilmar on hold.
The joint venture of India’s Adani Group and Singapore-based Wilmar International had filed a draft prospectus on Aug. 2 for an IPO of 45 billion rupees (US$605 million). The Securities and Exchange Board of India listed the filing’s processing status as “issuance of observations kept in abeyance,” without providing any specific reasons, in an update posted on its website Friday.
“We have not received any formal communication from SEBI,” a spokesperson for Adani Group said. “While we have always been fully complaint 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.”
