Kolkata-based ethnic wear major Vedant Fashions Ltd (VFL) on Wednesday said one of its promoters, Ravi Modi Family Trust, plans to sell up to seven percent stake in the company through an offer for sale (OFS). The floor price for the offer is Rs 1,161 per equity share and 10 percent of the offered shares shall be reserved to retail investors, the company said.

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Vedant Fashion was part of the dealing room chatter on May 17.

Under the green-shoe option, Ravi Modi Family Trust intends to sell an additional 2.88 percent stake in VFL.

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The offer for sale will be executed on May 18 for non-retail investors and on May 19 for retail investors, the company added.

Listed companies are required to have at least 25 percent public shareholding. Currently, the promoters' holding in the company is 84.88 percent. Axis Capital will be acting as the settlement broker for the deal, the company said in an exchange filing.

Vedant Fashions is a pan-India player with a retail presence in over 200 cities and three countries — the UAE, Canada, and the United States. Vedant Fashions' flagship brand ‘Manyavar’ accounts for about 80 percent of its revenue.

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First Published:May 17, 2023 9:44 PM IST