MAM
Adani Wilmar IPO to open on 27 January
Mumbai: Edible oil major Adani Wilmar Ltd has announced that it will open for public subscription next week on 27 January and conclude on 31 January.
The price band of the issue has been fixed at Rs 218 to Rs 230 per equity share of the face value of one rupee each for its Rs 3,600 crore initial share sale. Bids can be made for a minimum of 65 equity shares and in multiples of 65 equity shares thereafter, the food FMCG company announced in a virtually held press conference on Friday.
The company plans to go listed on 8 February on exchanges and the bidding for anchor investors will start on 25 January. It has cut its IPO size to Rs 3,600 crore from Rs 4,500 crore earlier. It has reserved equity shares aggregating up to Rs 107 crore for its eligible employees, who will get a discount of Rs 21 per share during the bidding process.
Adani Wilmar, a 50:50 joint venture company between Gautam Adani-led conglomerate Adani Group and Singapore’s Agribusiness group Wilmar International Ltd, sells edible oils under the Fortune brand. One of the fastest-growing food FMCG companies in India, Adani Wilmar has a range of cooking oils comprising soya bean, sunflower, mustard, and rice bran. Its Fortune brand of oil has around 20 per cent market share in India.
The firm has also leveraged its brands and distribution network to offer a wide array of packaged foods since 2013, including packaged wheat flour, rice, pulses, besan, sugar, soya chunks, and ready-to-cook khichdi.
Kotak Mahindra Capital, JP Morgan India, BofA Securities India, Credit Suisse Securities India, ICICI Securities, HDFC Bank and BNP Paribas are the lead managers to the issue. Link Intime India is appointed as the registrar to the issue. The equity shares of the company will list on both BSE and NSE.
Currently, six Adani group companies are listed on the bourses, namely Adani Enterprises, Adani Transmission, Adani Green Energy, Adani Power, Adani Total Gas, and Adani Ports and Special Economic Zone.
Brands
YES Bank hands the keys to SBI veteran Vinay Tonse as it bets on a new era
Former SBI managing director appointed as YES Bank’s new MD and CEO
MUMBAI: YES Bank is done rebuilding. Now it wants to grow. The private sector lender has appointed Vinay Muralidhar Tonse as managing director and chief executive officer-designate, with RBI approval secured and a start date of April 6, 2026 confirmed. The three-year term signals the bank’s intent to shift gears from crisis recovery to full-throttle expansion.
Tonse, 60, is no stranger to scale. Most recently managing director at State Bank of India, he oversaw a retail book of roughly $800bn in deposits and advances, one of the largest in the country. Before that, he ran SBI Mutual Fund from August 2020 to December 2022, a stint that saw assets under management surge from Rs 4.32 lakh crore to Rs 7.32 lakh crore across market cycles. Add stints in Singapore and four years leading SBI’s overseas operations in Osaka, and the incoming chief arrives with a genuinely global CV.
His academic grounding is equally solid: a commerce degree from St Joseph’s College of Commerce, Bengaluru, and a master’s in commerce from Bangalore University.
The appointment follows an extensive search and evaluation process by the bank’s Nomination and Remuneration Committee. NRC chairperson Nandita Gurjar said the committee unanimously backed Tonse, citing his leadership track record, governance credentials and ability to drive the bank’s next phase of transformation.
Non-executive chairman Rama Subramaniam Gandhi was unequivocal. “I am certain that Vinay Tonse, with his vast experience as a senior banker, will propel YES Bank to its next phase of growth,” Gandhi said, adding that the bank remains focused on strengthening its retail and corporate banking franchises and expanding its branch network.
Rajeev Kannan, non-executive director and senior executive at Sumitomo Mitsui Banking Corporation, the bank’s largest shareholder, said Tonse’s experience across retail, corporate banking, global markets and asset management positioned him well to lead the lender. SMBC said it looks forward to working with Tonse and the board as YES Bank pursues its ambition of becoming a top-tier private sector lender anchored in strong governance and sustainable growth.
Tonse succeeds Prashant Kumar, who took the helm in March 2020 when YES Bank was in freefall following a severe financial crisis, and spent six years painstakingly stabilising the institution, rebuilding governance and restoring operational scale. Gandhi was generous: “The bank remains indebted to Prashant Kumar, who is responsible for much of what a strong financial powerhouse YES Bank is today.”
Tonse, for his part, struck a purposeful note. “Together with the board and my colleagues, I remain deeply committed to creating long-term value for all our stakeholders,” he said, pledging to build on Kumar’s foundation guided by his personal motto: Make A Difference.
Beyond the balance sheet, Tonse played cricket at college and club level and represented Karnataka in archery at the national championships — sports he credits with teaching him teamwork, situational leadership, discipline and focus. In quieter moments, he reaches for retro Kannada music, classic Hindi songs, and the crooning of Engelbert Humperdinck, Mukesh and Kishore Kumar.
YES Bank has its steady-handed rebuilder in Kumar to thank for survival. Now it has a scale-obsessed growth banker at the wheel. The next chapter starts April 6.
