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Through the OFS, Ravi Modi Family Trust proposes to sell up to 1,69,94,600 equity shares (representing 7% stake), with an option to sell an additional 2.88% stake or 69,87,824 equity shares in case of oversubscription.
The floor price for the sale has been set at Rs 1,161, a 6.89% discount to the stock's closing price of Rs 1246.85 on Wednesday, 17 May 2023.
The total OFS size (base size + green shoe) stands at 2,39,82,424 shares, representing 9.88% of outstanding equity shares of the company, the value of which (at floor price) aggregates to Rs 2784.35 crore.
The promoters held 84.88% stake in Vedant Fashions as of 31 March 2023. Ravi Modi Family Trust held 67.07% in the company.
The OFS opened on Thursday (18 May 2023) for non-retail investors, while both retail as well as non-retail investors will be able to subscribe on Friday (19 May 2023).
As on 11:50 IST, the OFS received subscription for 12,49,974 shares. It was subscribed 5.79% on the base non-retail offer size of 1,52,95,140 shares and 8.17% on the total non-retail offer size (base size + green shoe) of 2,15,84,182 shares.
Vedant Fashions offers a wide range of ethnic and celebration wear for men and women. They have brands like Mohey and Manyavar, known for their iconic attires.
On a consolidated basis, net profit of Vedant Fashions rose 22.74% to Rs 108.87 crore , while net sales rose 15.32% to Rs 341.63 crore in Q4 March 2023 over Q4 March 2022.
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