Manyavar owned by Vedant Fashions: IPO gets SEBI approval
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24 January 2022, Mumbai:
About Manyavar
One of India's leading celebration wear brands. Providing branded ethnic wear for men and kids and also for women with mohey's collection.
Manyavar's timeless celebration collection includes exquisite Sherwanis, fine Indo-Westerns, Royal Bandhgalas, classic Kurta-Jackets, and matching.
The issue comprises a pure offer for sale (OFS) of up to 36.36 million shares by its existing promoter and shareholders.
KEY HIGHLIGHTS
- It is one of India's leading ethnic wear brand
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The issue comprises a pure offer for sale (OFS)
- Gets nod from SEBI to raise funds via an IPO (initial public offering)
- It had filed draft papers with the SEBI in September 2021
Vedant Fashions Ltd, which owns ethnic wear brand Manyavar, has got an approval from the Securities Exchange Board of India (SEBI) to raise funds via an initial public offering.
The firm had filed draft papers with the SEBI in September 2021. The issue comprises a pure offer for sale (OFS) of up to 36.36 million shares by its existing promoter and shareholders.
The OFS has up to 17.46 million shares by Rhine Holdings Ltd; up to 723,000 shares by Kedaara Capital Alternative Investment Fund-Kedaara Capital AIF I; and up to 18.18 million shares by Ravi Modi Family Trust.
Currently, Rhine Holdings has a 7.2% stake in the company, Kedaara AIF holds 0.3% stake while the Ravi Modi Family Trust has 74.67% stake.
Axis Capital, Edelweiss Financial Services, ICICI Securities, IIFL Securities and Kotak Mahindra Capital are the book running lead managers to the issue.
Vedant Fashions is in the men's Indian wedding and celebration wear market. Its Manyavar brand is a category leader in the branded Indian wedding and celebration wear market with a pan India presence. Other brands of the company include Twamev, Manthan, Mohey and Mebaz.
**The statistics mentioned in the above articles have been sourced from The Economic Times.
CREDITS: Money Control ET
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