Manyavar-owned by Vedant Fashions: Raises funds from anchor investors

04 February 2022, Mumbai:

Vedant Fashions Ltd, which owns ethnic wear brand Manyavar, on Thursday said it has garnered Rs 945 crore from anchor investors, ahead of its IPO roll-out on Friday.

The company has decided to allot 1,09,09,450 equity shares to anchor investors at Rs 866 a piece, which is also the upper band of the public issue, aggregating the transaction size to Rs 944.75 crore, according to a circular uploaded on the BSE website.

 

Government of Singapore, Monetary Authority of Singapore, Fidelity, Nomura, Abu Dhabi Investment Authority, Morgan Stanley Asia (Singapore) Pte, BNP Paribas Arbitrage and Societe Generale are among the anchor investors.

In addition, HDFC Life Insurance Company, ICICI Prudential Life Insurance Company, SBI Mutual Fund (MF), ICICI Prudential MF, Axis MF, Kotak MF, Aditya Birla Sun Life MF, Sundaram MF, and UTI MF were also allocated shares.

The initial public offering (IPO) is purely an offer for the sale of 36,364,838 equity shares by promoters and existing shareholders.

The OFS comprises sale of up to 1.74 crore shares by investment Fund-Kedaara Capital AIF I; and up to 1.81 crore shares by Ravi Modi Family Trust.

The promoters of the company are Ravi Modi, Shilpi Modi, and Ravi Modi Family Trust.

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*Figures mentioned in the above article have been sourced from Business Standard article.