Manyavar-owner Vedant Fashions on Wednesday said Ravi Modi Family Trust, one of its promoters, is proposing to sell up to 7% stake in the company through an offer for sale (OFS), which opens on Thursday. The seller (Ravi Modi Family Trust) proposes to sell up to 16.9 million equity shares of the company (representing 7% of the total issued and paid-up equity share capital) on May 18 for non-retail investors only. There is also an option to additionally sell around 6.99 million equity shares (representing 2.88% of the total issued and paid-up equity share capital of the company) on May 19 for retail investors and for non-retail investors who choose to carry forward their unallotted bids, according to a stock exchange filing.
In the event that the oversubscription option is exercised, equity shares forming part of the base offer size and the oversubscription option will represent 9.88% of the total issued and paid-up equity share capital of the company.
The floor price for the offer will be Rs 1,161 per equity share, the company said, adding that the OFS is being undertaken by Ravi Modi Family Trust for achieving the minimum public shareholding norm of the company.
As on March 31, 2023, promoter shareholding in Vedant Fashions, which offers Indian wedding and celebrations wear, stood at 84.88%, while public shareholding was at 15.12%.On Wednesday, the company’s scrip on the BSE closed 0.67% lower at Rs 1,246.85.
Kolkata-based Vedant Fashions is the parent enterprise to Manyavar, Mohey and Mebaz. The Manyavar brand is the category leader in branded Indian wedding and celebration wear market. The company had launched its IPO last year. In the previous financial year, the company’s revenue from operations rose 30.2% year-on-year to Rs 1,354.90 crore.
