Vedant Fashions, the business that owns Manyavar, announced on Wednesday that one of its promoters, Ravi Modi Family Trust, is attempting to sell up to 7% of the firm through an offer for sale (OFS) that begins on Thursday. On May 18 alone, the seller (Ravi Modi Family Trust) wants to sell up to 16.9 million of the company’s equity shares (representing 7% of the total issued and paid-up equity share capital). According to a stock exchange filing, there is also the option to sell an additional 6.99 million equity shares (representing 2.88% of the total issued and paid-up equity share capital of the company) on May 19. This option is available to retail investors as well as non-retail investors who choose to carry forward their unallotted bids.
At that time Equity shares included in the base offer size and the oversubscription option will account for 9.88% of the company’s total issued and paid-up equity share capital in the event that the oversubscription option is exercised.
The company announced that the floor price for the offer will be Rs 1,161 per equity share and that the OFS is being conducted by Ravi Modi Family Trust in order to meet the minimum public shareholding requirement of the business.
Vedant Fashions, which sells Indian wedding and celebration attire, had a promoter shareholding of 84.88% as of March 31, 2023, compared to a public shareholding of 15.12%.The company’s stock price on the BSE ended the day on Wednesday at Rs 1,246.85, down 0.67%.
Manyavar, Mohey, and Mebaz are under the umbrella of Vedant Fashions, a company based in Kolkata. A Manyavar In the branded Indian wedding and celebration wear market, brand is the market leader in its category. The business had started its IPO the previous year. The company’s operating revenue increased by 30.2% from the prior fiscal year to Rs 1,354.90 crore.
25% of shares are held by the public. The promoters currently possess 84.88 percent of the company. According to a filing with the exchange, Axis Capital will serve as the settlement broker for the transaction.
Vedant Fashions is a major player across all of India, with stores in more than 200 locations across three nations: the United Arab Emirates, Canada, and the United States. ‘Manyavar,’ the flagship brand of Vedant Fashions, generates around 80% of its income.