New Delhi: Manyavar’s father or mother agency Vedant Fashions Ltd has fastened a value band of Rs 824-866 a share for its upcoming Rs 3,149-crore preliminary public providing (IPO). The Manyavar IPO will open on February 4 and conclude on February 8.
Vedant Fashions Ltd has stated that anchor buyers can begin bidding for the IPO shares ranging from February 3. The Manyavar IPO consists purely of a proposal on the market (OFS) of 36,364,838 fairness shares by the promoter and present shareholders.
The OFS contains the sale of as much as 1.74 crore shares by Rhine Holdings Ltd, as much as 7.23 lakh shares by Kedaara Capital Alternative Investment Fund-Kedaara Capital AIF I, and as much as 1.81 crore shares by Ravi Modi Family Trust.
Investors can bid for no less than 17 fairness shares. Bids may be positioned in multiples of 17 fairness shares.
Vedant Fashions Ltd’s promoters are Ravi Modi, Shilpi Modi and Ravi Modi Family Trust. The agency will not obtain any proceeds from the general public concern for the reason that provide is completely a proposal on the market.
The firm is aiming to boost Rs 3,149 crore from the general public concern on the higher finish of the value band. 50% of the problem dimension has been reserved for certified institutional consumers, whereas 35 per cent of the provide is reserved for retail buyers. The remaining 15 per cent has been reserved for non-institutional buyers.
According to media stories, Vedant Fashions-owned Manyavar model is a class chief within the branded Indian wedding ceremony and celebration put on market, due to its pan India presence. Also Read: SBI Big Update: IMPS expenses to alter from subsequent month; verify new fee
Other manufacturers owned by Vedant Fashions embody Twamev, Manthan, Mohey and Mebaz. The firm has an in depth retail community with 546 unique model retailers (EBOs) together with 58 shop-in-shops globally, together with 11 abroad EBOs throughout the United States, Canada and the UAE as of September final 12 months. Also Read: Kotak Mahindra Bank Q3 revenue rises 31% to Rs 3,403 crore