Through Express news service

NEW DELHI: The Securities and Exchange Board of India (SEBI) has approved Adani Wilmar’s Initial Public Offerings (IPO) for Rs 4,500 crore. Officials familiar with developments have said SEBI approval has been given and the official announcement is expected in a day or two.

Major FMCG Adani Wilmar, which sells the best-selling brand of edible oil “Fortune”, is a joint venture between Adani Enterprise and Asian agribusiness Wilmar International. He plans to increase Rs 4,500 crore via a new equity issue. If listed, it will be the seventh listed company in the Adani group.

The company aims to become the largest food company in India by 2027. Prior to the IPO, FMCG Major Adani Wilmar opened 12 physical stores in six states under the Fortune Mart name and plans to open several other points of sale in subways, level I and level II towns. According to the company, the physical stores, which are being launched on a franchise model, will exclusively sell Fortune products and other products of the Adani Wilmar brand. The company had recently launched personal care products, including soap, hand soap and sanitizers, sold under the Alife brand.

Officials said even Star Health Insurance, India’s leading private health insurer, also got the green light from SEBI. With a market share of 15.8%, the insurance company plans an IPO of Rs 5,500 crore. It will consist of a new issue of Rs 2,000 crore and an offer to sell a maximum of 6,001,047,777 shares by existing selling shareholders, including promoters.

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