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Adani Wilmar IPO Placed on Hold Amid Indian Probe of Adani Group

Outside the Securities & Exchange Board of India headquarters in Mumbai, India.

Outside the Securities & Exchange Board of India headquarters in Mumbai, India.

Photographer: Adeel Halim/Bloomberg

India’s securities regulator has put a proposed initial public offering from food company Adani Wilmar Ltd. on hold. 

The joint venture of India’s Adani Group and Singapore-based Wilmar International Ltd. had filed a draft prospectus on Aug. 2 for an IPO of 45 billion rupees ($605 million). The Securities and Exchange Board of India listed the filing’s processing status as “issuance of observations kept in abeyance,” without providing any specific reasons, in an update posted on its website Friday.