By: ICN Bureau
Last updated : August 03, 2021 8:15 am
There will not be any secondary offering.
Adani Enterprises Limited (AEL) has announced that Adani Wilmar Limited (AWL), a 50:50 joint venture company between the Adani group (Adani) and the Wilmar group, has filed its draft red herring prospectus with the Securities and Exchange Board of India (SEBI) in relation to its proposed Initial Public Offering (IPO).
AWL is one of the few large FMCG food companies in India to offer most of the essential kitchen commodities for Indian consumers, including edible oil, wheat flour, rice, pulses and sugar under a diverse range of brands across a broad spectrum.
The proposed listing of AWL on the Stock Exchanges will comprise an IPO in the form of fresh issue of new equity shares by AWL for an amount of upto INR 4500 crore. There will not be any secondary offering. The net proceeds from the IPO are proposed to be used by AWL for the following purposes: to fund capital expenditure for expansion of AWL's existing manufacturing facilities and developing new manufacturing facilities; repayment/prepayment of borrowings; to fund strategic acquisitions and investments; and general corporate purposes.
The proposed listing is intended to further the growth of AWL's operations by increasing its market visibility and awareness among current and potential customers.