Fab India Epo News: Epo News: Vedanta Fashion and Fab India to launch IPO
IPO News English: Vedanta Fashions Ltd., a company that manufactures apparel for weddings and celebrations under the brand name ‘Manyavar’. Documents have been submitted to the capital market regulator SEBI for the IPO. According to a draft Red Herring Prospectus (DRHPU), the company has offered to sell 3,63,64,838 equity shares through an initial public offering (IPO) to promoters and existing shareholders.
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Vedanta Fashions IPO
In the sale offer of Vedanta Fashions, Rhine Holding Ltd. Out of 1.74 crore shares, 7.23 lakh shares of Kedara Capital Alternative Investment Fund-Kedara Capital AIF-1 and 1.81 crore shares held by Ravi Modi Family Trust. The promoters of the company are Ravi Modi, Shilpi Modi and Ravi Modi Family Trust.
Offer to sell old shares
The IPO is a net sale offer to the old shareholders of the company, so the company will not receive any amount from the public issue. The most talked about brand of traditional wedding and celebration of Vedanta Fashions is ‘Manyavar’. Its presence is all over the country. Besides, the company also has brands like Tvmev, Manthan, Mohe and Mebaaz.
Fab India is also preparing
However, the company says it examines various capital options from time to time and continues to consult with its bankers. However, it declined to confirm any information about further progress in this direction. The company is believed to be in talks with several investment banks, including SBI Capital Markets, ICICI Securities and JPMorgan, to manage the IPO.
Documents to SEBI by November
He said the draft document of Fabindia IPO is expected to be submitted to market regulator SEBI by the end of November. The company is expected to sell about 25-30 per cent stake through the IPO. Like Azim Premji’s private equity fund PremjiInvest, its existing shareholders can sell partial stakes in the company. Infosys co-founder Nandan Nilekani and his wife Rohini Nilekani are also shareholders of the company.
Fab India said
When contacted, a spokesperson for Fabindia Group said, “The company considers various capital options from time to time. We also consult our bankers. At the appropriate time, we will discuss any plan with the Board of Directors and seek their guidance. We have nothing more to comment on this matter.
Fabindia buys products from the village
Founded in 1960, Fabindia buys its products mainly from villages that help provide and sustain rural employment in India. According to reports, these products are currently manufactured by more than 40,000 artisans and craftsmen across India.
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