Manyavar-owner Vedant Fashions gets Sebi’s nod to launch IPO

The OFS comprises sale of up to 1.74 crore shares by Rhine Holdings, up to 723,014 shares by Kedaara Capital Alternative Investment Fund – Kedaara Capital AIF 1, and up to 1.82 crore equity shares by Ravi Modi Family Trust.

Manyavar ipo
The IPO would be an offer for sale of up to 3.64 crore equity shares by promoters and existing shareholders for cash, according to the draft red herring prospectus. (Representational image)


Vedant Fashions, which owns the ethnic and celebration wear brands ‘Manyavar’, ‘Mohey’ and ‘Manthan’, has received the approval from Sebi to launch its initial public offering (IPO). The IPO would be an offer for sale of up to 3.64 crore equity shares by promoters and existing shareholders for cash, according to the draft red herring prospectus.

The OFS comprises sale of up to 1.74 crore shares by Rhine Holdings, up to 723,014 shares by Kedaara Capital Alternative Investment Fund – Kedaara Capital AIF 1, and up to 1.82 crore equity shares by Ravi Modi Family Trust. The promoters of Kolkata-based Vedant Fashions are Ravi Modi, Shilpi Modi and Ravi Modi Family Trust acting through its trustee, Modi Fiduciary Services. Ravi Modi is the founder, chairman and managing director of the company.

The Ravi Modi Family Trust holds 18.10 crore equity shares, or a 74.67% stake, in the company. Rhine Holdings holds 1.74 crore equity shares or a 7.2% stake, while Kedaara AIF holds 723,014 equity shares or a 0.30% stake. As the selling shareholders will be entitled to the entire proceeds of the offer after deducting expenses and relevant taxes thereon, Vedant Fashions will not receive any proceeds from the IPO.

The equity shares are proposed to be listed on the BSE and NSE. Axis Capital, Edelweiss Financial Services, ICICI Securities, IIFL Securities and Kotak Mahindra Capital are the book running lead managers of the issue.

Get live Share Market updates and latest India News and business news on Financial Express. Download Financial Express App for latest business news.