Mumbai: Promoters of Vedant Fashions, owner of ethnic wear brand Manyavar, will sell up to 9.88% stake or 2.40 crore shares of the company in an offer for sale on Thursday and Friday, the company said in an exchange filing on Wednesday. The OFS will open for subscription for non-retail investors on Thursday (May 18), and retail investors on Friday (May 19).
The base issue comprises up to 1.70 crore shares of the company representing 7% of the total equity, with a green shoe option of 69.88 crore shares representing 2.88% stake.
The floor price has been fixed at ₹1,161, which is a 7.4% discount to Wednesday’s closing price of ₹1,247. At the floor price, the OFS could fetch the promoters up to ₹2,786 crore.
Vedant Fashions launched its initial public offer in February last year.