FMCG major Adani Wilmar plans to raise Rs 4,500 crore via fresh issuance of equity.
The Securities and Exchange Board of India (SEBI) has green-lighted Adani Wilmar and Star Health Insurance for their upcoming initial public offerings (IPOs), CNBC TV-18 reported citing anonymous sources.
FMCG major Adani Wilmar plans to raise Rs 4,500 crore via fresh issuance of equity. The maker of top-selling edible oil brand “Fortune” is a joint venture between Adani Enterprise and Asian agri business Wilmar International.
Moneycontrol was the first to report the filing of the papers on August 2 and also about the listing plans of the firm on June 10.
It is intended to further the growth of Adani Wilmar’s operations by increasing its market visibility and awareness among current and potential customers, the disclosure had stated.
The firm, which aims to be the largest food company in India by 2027, is trying to muscle its way in the fast-growing consumer segment and unlock value through the IPO. If the plans fructify, it will be the seventh firm to be listed from the port to power conglomerate Adani group, which has largely been infra focused.
Meanwhile, Star Health Insurance, the largest private health insurer in India with a market share of 15.8 percent, is planning for a Rs 5,500 crore IPO. It will consist of a fresh issue of Rs 2,000 crore and an offer for sale of up to 6,01,04,677 equity shares by existing selling shareholders, including promoters.
The offer for sale consists of selling of 3,06,83,553 equity shares by Safecrop Investments India LLP, 1,37,816 equity shares by Konark Trust, 9,518 equity shares by MMPL Trust, 76,80,371 equity shares by Apis Growth 6 Ltd, 41,10,652 equity shares by Mio IV Star, 74,38,564 equity shares by University of Notre Dame Du Lac, 41,10,652 equity shares by Mio Star, 25,09,099 equity shares by ROC Capital Pty Ltd, 14,76,140 equity shares by Venkatasamy Jagannathan, 18,04,312 equity shares by Sai Satish, and 1,44,000 equity shares by Berjis Minoo Desai.
The offer includes a reservation of equity shares for employees.
The company will utilise net proceeds from the fresh issue for augmentation of the company’s capital base, and maintenance of solvency levels. The offer for sale money will go to selling shareholders, according to the DRHP filed in July.Star Health Insurance is backed by marquee investor Rakesh Jhunjhunwala.
