Promoters of Vedant Fashions, the firm that owns the ethnic clothing line Manyavar, will sell up to 9.88% of the company, or 2.40 crore shares, in an offer for sale on Thursday and Friday, the company announced in a filing with the stock exchange on Wednesday. On Thursday, May 18, non-retail investors may subscribe to the OFS, and on Friday, May 19, retail investors may do so.
The base issue consists of up to 1.70 crore company shares, or 7% of the total equity, plus a green shoe option of an additional 69.88 crore shares, or 2.88% of the equity.
The floor price, which is set at 1,161, is 7.4% less expensive than Wednesday’s closing price of 1,247. The OFS might bring the promoters up to $2,786 crore at the floor price.Vedant In February of last year, Fashions started its first public offering.
