“We have not received any formal communication from SEBI,” a spokesperson for Adani Group said. “While we have always been fully complaint 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.”
Junior finance minister Pankaj Chaudhary told parliament in July that some firms controlled by billionaire Gautam Adani are being probed by SEBI over compliance with local securities rules. The Directorate of Revenue Intelligence is separately investigating Adani Group entities for compliance with another set of local laws.
India is off to a record pace of IPOs so far in 2021, and new listings are outperforming the benchmark by the most in seven years. Adani Wilmar’s filing said it plans to issue all new equity shares for its offer and use proceeds to expand manufacturing facilities, make strategic acquisitions and repay borrowings.
