Edible oil major Adan Wilmar will hit the capital market to raise up to Rs 3,600 crore through an Initial Public Offer (IPO).
Adani Wilmar, which sells its cooking oils and some other food products under Fortuna brand has cut the size of its initial share sale to Rs 3,600 crore from the Rs 4,500 crore planned earlier.
Adan Wilmar is a 50:50 joint venture between Adan group and Singapore-based Wilmar group. The issue will be open for subscription by the public on January 27 and will close on January 31, Adani Enterprises said in a regulatory filing.
Adan Enterprises Ltd said the company has been informed that the red herring prospectus of Adani Wilma was filed with the Registrar of Companies, Gujarat on January 19 and approved by the RoC on January 20.
The issue comprises fresh issue of new equity shares of face value of Rs 1 for an amount of up to Rs 3,600 crore, the filing added. Adani Wilmar Ltd, which is having annual revenue of Rs 37,195 crore, plans to aggressively look at M&A (Merger and Acquisition) prospects in the foods space.