Firm to trim debt with issue proceeds
Adani Wilmar Ltd.’s ₹3,600-crore intial public offering (IPO) will open on January 27. The price band has been fixed at ₹218- ₹230 per equity share of face value of ₹1 each.
A discount of ₹21 apiece is being offered to eligible employees bidding in the portion reserved for them.
The IPO would close on January 31. Of the proceeds, ₹1,900 crore will be allocated for capital expenditure and ₹1,058.9 crore for debt repayment. It will spend ₹450 crore on strategic acquisitions and investments.
The IPO will value the 50-50 joint venture between Singapore agribusiness Wilmar International and Indian conglomerate Adani Group at $4.01 billion at the top end of the price range.
The firm has cut the IPO size to ₹3,600 crore from ₹4,500 crore announced in 2021. Adani Wilmar sells kitchen commodities such as edible oil and wheat.
(With Reuters inputs)
Source: Read Full Article