Adani Wilmar reduces IPO size to Rs 3,600 crore

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New Delhi, Jan 14 (PTI) Edible oil company Adani Wilmar Ltd (AWL) on Friday said it has reduced the size of its initial public offering (IPO) to Rs 3,600 crore from Rs 4,500 crore.

The IPO of the company, which sells edible oils under the Fortune brand, is expected this month, according to a statement.

AWL is a joint venture company of Ahmedabad-based Adani Group and Singapore-based Wilmar Group. Both have a 50:50 stake in it.

The IPO will now involve a fresh issue of equity shares worth Rs 3,600 crore and there will be no sale offer.

Earlier, according to the red herring prospectus, Rs 4,500 crore was to be raised under the IPO.

Of the proceeds from the IPO, Rs 1,900 crore will be used for capital expenditure. Rs 1,100 crore will be used to repay debt and Rs 500 crore to finance strategic acquisitions and investments.

When contacted for confirmation, a company spokesperson declined to comment.

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