Promoter of Manyavar brand likely to sell 7% stake for Rs 1,962 crore

Vedant Fashions (VFL), which owns the ethnic wear brand Manyavar, on Wednesday said one of its promoters planned to sell up to 7 per cent stake in the company for at least Rs 1,962 crore.

Ravi Modi Family Trust, a promoter of VFL, proposes to sell up to 1.69 crore equity shares, which is 7 per cent of the total issued and paid-up equity share capital of the company, according to a regulatory filing. The floor price for the offer is Rs 1,161 per equity share.
 

"The offer is being undertaken by the sellers, for achieving the minimum public shareholding of the company...," it said.

 

Listed companies are required to have at least 25 per cent public shareholding.
 

Currently, the promoters' holding in the company is 84.88 per cent.