18 July 2023, Mumbai
Credo Brands Marketing Limited, the owner of the popular denim brand Mufti, has submitted its Draft Red Herring prospectus to the Securities and Exchange Board of India (Sebi).
Files ‘Draft Red Herring Prospectus’
The company plans to proceed with its initial public offering (IPO) in order to secure capital.
The IPO consists of an offer for the sale of approximately 19.63 million shares, as revealed in a recent press release by Credo Brands Marketing Limited. Various stakeholders, including the promoter, promoter group, and other shareholders, will be selling their shares.
Construct
The equity shares are expected to be listed on the Bombay Stock Exchange and National Stock Exchange.
Having revolutionized men's fashion in India over the past 25 years, Mufti's founder, Kamal Khushlani, holds the largest shareholding in Credo Brands Marketing at 33.84%. Poonam Khushlani follows with a stake of 27.62%, while Bennett Coleman & Co owns a 12.36% stake in the company.
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