Promoter of Vedant Fashions, which runs clothing brand Manyavar, on Wednesday launched an offer for sale (OFS) to offload 9.88 per cent stake in the company.
Promoter of Vedant Fashions, which runs clothing brand Manyavar, on Wednesday launched an offer for sale (OFS) to offload 9.88 per cent stake in the company.
Ravi Modi Family Trust, a promoter of Vedant Fashions has decided to offload 9.88 per cent stake at floor price of ₹1,161 per share, which is a discount 6.84 percent against the last closing price
Ravi Modi Family Trust, a promoter of Vedant Fashions has decided to offload 9.88 per cent stake at floor price of ₹1,161 per share, which is a discount 6.84 percent against the last closing price
The Ravi Modi Family Trust will offload 1,69,94,600 equity shares representing 7 per cent of the total issued and paid up equity share capital alongwith with an option to additionally sell 69,87,824 Equity Shares representing 2.88 per cent of it.
The Ravi Modi Family Trust will offload 1,69,94,600 equity shares representing 7 per cent of the total issued and paid up equity share capital alongwith with an option to additionally sell 69,87,824 Equity Shares representing 2.88 per cent of it.
Axis Capital will be acting as the settlement broker for the deal, said Vedanty fashion in its filing.
Axis Capital will be acting as the settlement broker for the deal, said Vedanty fashion in its filing.
The offer will be executed during the trading hours on May 18-19, and will be opened for non-retail investors on the first day and retail investors on the second day, the filing added.
The offer will be executed during the trading hours on May 18-19, and will be opened for non-retail investors on the first day and retail investors on the second day, the filing added.
The OFS has been launched to comply with the minimum public shareholding norms, Vedant Fashions said.
The OFS has been launched to comply with the minimum public shareholding norms, Vedant Fashions said.
According to the BSE shareholding pattern, Ravi Modi Family Trust held a 67.07 per cent stake in the company as of March 31, 2023. Other promoters cumulatively held 17.80 per cent of the shares, thereby taking the total stake of promoters and promoter group to around 84 percent.
According to the BSE shareholding pattern, Ravi Modi Family Trust held a 67.07 per cent stake in the company as of March 31, 2023. Other promoters cumulatively held 17.80 per cent of the shares, thereby taking the total stake of promoters and promoter group to around 84 percent.
According to Sebi guidelines he stake held by promoter and promoter group entities should not cross the 75 per cent-mark.
According to Sebi guidelines he stake held by promoter and promoter group entities should not cross the 75 per cent-mark.
The company’s scrip ended 0.67 per cent down at ₹1,246.85 on BSE.
The company’s scrip ended 0.67 per cent down at ₹1,246.85 on BSE.