In a major news, a Promoter of Vedant Fashions, owners of popular ethnic clothing brand Manyavar, launched an offer for sale (OFS) to offload 9.88 per cent stake in the company on Wednesday.
As per reports, the promoter, Ravi Modi Family Trust, has decided to offload 9.88 per cent stake at floor price of Rs 1,161 per share. This means a discount 6.84 per cent against the last closing price.
With this, 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. They will also have an option to additionally sell 69,87,824 Equity Shares representing 2.88 per cent of it.
In an exchange filing, Vedant Fashions informed that Axis Capital will be acting as the settlement broker for the deal.
The filing also stated that the offer will be executed during the trading hours on 18 and 19 May, and will be opened for non-retail investors on the first day and retail investors on the second day.
The company further added that the OFS has been launched to comply with the minimum public shareholding norms.