Adani Wilmar IPO will open for subscription on Jan 27: Adani Enterprises

Adani Enterprises on Thursays said the IPO of Adani Wilmar Ltd (AWL) will open for subscription on January 27 and shall close on Jan 31.

Adani Enterprises said the issue comprises of fresh issue of new equity shares by Adani Wilmar for up to Rs 3,600 crore.

Those holding one or more share Adani Enterprises share in demat on January 19 will be considered eligible shareholder.

The company, which sells cooking oils under the Fortune brand, is a 50:50 joint venture company between Ahmedabad-based Adani Group and Singapore's Wilmar Group.

AWL, which is among the leading food FMCG companies in India with revenues of Rs 37,195 crore, plans to aggressively look at M&A (merger and acquisition) prospects in the foods space. The company may acquire a brand or a company engaged in foods, staples and value-added product categories.

Currently, six Adani group companies are listed on domestic bourses. Apart from Adani Enterprises, other listed ones are Adani Transmission, Adani Green Energy, Adani Power, Adani Total Gas, and Adani Ports and Special Economic Zone.

Out of the IPO proceeds, Rs 1,900 crore will be used for capital expenditure, Rs 1,100 crore will be used for the repayment of debt and Rs 500 crore in funding strategic acquisitions and investments, reported PTI on January 15.