Vedant Fashions, which owns main ethnic and celebration put on manufacturers ‘Manyavar’, ‘Mohey’ and ‘Manthan’, has filed draft paperwork with capital markets regulator Sebi for an preliminary public providing (IPO).
The IPO is solely a suggestion on the market of as much as 3.64 crore fairness shares by promoters and current shareholders for money, based on the draft purple herring prospectus (DRHP).
The OFS includes sale of as much as 1.74 crore shares by Rhine Holdings, as much as 723,014 shares by Kedaara Capital Different Funding Fund-Kedaara Capital AIF 1, and as much as 1.82 crore fairness shares by the Ravi Modi Household Belief. Notably, marquee buyers — Kedaara and Rhine — have determined to exit by means of the OFS.
The promoters of Kolkata-based Vedant Fashions are: Ravi Modi, Shilpi Modi and the Ravi Modi Household Belief, appearing by means of its trustee Modi Fiduciary Companies. Ravi Modi is the founder, chairman and managing director of the corporate.
At the moment, the Ravi Modi Household Belief holds 18.10 crore fairness shares or a 74.67% stake within the firm. Rhine Holdings holds 1.74 crore shares or a 7.2% stake, whereas Kedaara AIF holds 723,014 shares or a 0.30% stake.
Because the promoting shareholders will likely be entitled to the whole proceeds of the provide after deducting provide bills and related taxes thereon, Vedant Fashions is not going to obtain any proceeds from the IPO.
“In FY21, 44.22% of the gross sales of our clients had been generated by our franchisee-owned unique model retailers (EBOs) from Tier I cities, 42.05% from Tier 2 cities and 12.31% from Tier 3 cities. The remaining 1.42% of the gross sales of our clients by our franchisee-owned EBOs had been generated from worldwide markets,” the corporate stated within the DRHP.
For monetary years 2019, 2020 and 2021, the corporate’s income from operations stood at Rs 800.74 crore, Rs 915.55 crore and Rs 564.82 crore, respectively.