WILMAR INTERNATIONAL LIMITED
(Incorporated in the Republic of Singapore)
(Company Registration No.: 199904785Z)
UPDATE ON PROPOSED INITIAL PUBLIC OFFERING OF ADANI WILMAR LIMITED
Wilmar International Limited ("Wilmar" or the "Company") wishes to inform shareholders and investors that the Securities and Exchange Board of India ("SEBI") has updated the status of the processing of the draft red herring prospectus ("DRHP") in relation to the proposed Initial Public Offering ("IPO") of Adani Wilmar Limited ("AWL"), a 50:50 joint venture company between the Adani group and the Wilmar group, for listing on BSE Limited and National Stock Exchange of India Limited, which was filed with SEBI earlier this month, to indicate that "issuance of observations kept in abeyance". This update on the processing status is posted on SEBI's website (the "SEBI Posting") and can be accessed at the following link:
SEBI | Processing Status : Issues
As stated in footnote (ii) of the SEBI Posting, SEBI is obligated by the relevant regulatory provisions to keep issuance of observations in abeyance for a period of 30 days or 45 days or 90 days or more, as the case may be.
Wilmar is aware of certain media reports speculating that processing of the AWL DRHP has been held in abeyance by SEBI due to investigations against Adani Enterprises Limited ("AEL"), the Adani group company that indirectly owns 50% of AWL.
In response to media queries on the SEBI Posting, AEL issued the following response yesterday:
"SEBI has put on its website that Adani Wilmar IPO "Issuance of observations kept in abeyance". However, we have not received any formal communication from SEBI with respect to the IPO observations being kept in abeyance.
As regards the query raised about the foreign portfolio investors ("FPIs"), we would like to mention that we have communicated to media and public at large that the Adani group has no connection with the FPIs, either directly or indirectly. However, unfortunately the media is repeatedly raising the issue time and again, misleading the investing community. FPIs are investors like other investors/shareholders in Adani group and act independently, having no relationship with Adani group.
While we have always been fully compliant 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."
The proposed IPO of AWL and issue price of the IPO shares are subject to many factors, including but not limited to the book building process under Indian regulations, receipt of applicable approvals and external factors such as price/earnings ratio, level of investor interest, prevailing market conditions and certain other considerations. As there is no assurance that the proposed IPO of AWL will proceed, shareholders and potential investors are advised to exercise caution when dealing with the securities of the Company.
The Company will make further announcements of any material developments on this matter as and when appropriate.
WILMAR INTERNATIONAL LIMITED 22 August 2021