Manyavar-owner Vedant Fashions gets SEBI's go ahead to float IPO
The Hindu
The IPO is entirely an offer-for-sale, the company will not receive any proceeds from the public issue.
Vedant Fashions Ltd., which owns ethnic wear brand Manyavar, has received capital markets regulator SEBI's go ahead to raise funds through an initial share-sale.
The initial public offering (IPO) is purely an offer-for-sale of 36,364,838 equity shares by promoter and existing shareholders, according to the Draft Red Herring Prospectus (DRHP).
The offer-for-sale comprises sale of up to 1.74 crore shares by Rhine Holdings Ltd; up to 7.23 lakh shares by Kedaara Capital Alternative Investment Fund-Kedaara Capital AIF I; and up to 1.81 crore shares by Ravi Modi Family Trust.
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