SEBI gives green light to Adani Wilmar, Star Health Insurance IPO
The Securities and Exchange Board of India (SEBI) recently gave its approval to Adani Wilmar and Star Health Insurance for their approaching initial public offerings.
A joint venture between Adani Enterprise and Wilmar International, the maker of top-selling oil ‘Fortune’ are looking to raise Rs 4,500 crore through the process of issuing fresh equity. The company plans to use the capital raised to increase market visibility and brand awareness among existing and potential customers.
On the other hand,the largest private health insurer in the country, Star Health Insurance plans to accrue Rs 5,500 crore in its IPO. The IPO will constitute a fresh issuance of an offer for sale of over 6,01,04,677 equity shares by existing shareholders.
The company plans on using the amount raised to augment the company’s capital base, and maintain solvency levels. The offer for sale money will go to selling shareholders.
The offer for sale consists of equity shares sold by Safecrop Investments India LLP, Konark Trust, MMPL Trust, Apis Growth 6 Ltd, Mio IV Star, University of Notre Dame Du Lac, ROC Capital Pty Ltd, Venkatasamy Jagannathan, Sai Satish, and Berjis Minoo Desai, among others.
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