New Delhi. The country’s IPO market is out. One after the other, many companies are bringing their initial public offering ie IPO. Now Vedanta Fashions Ltd., a company producing Manyavar brand apparel for weddings and celebrations. (Vedant Fashions Ltd) is also preparing to bring an IPO. The company has submitted documents for the IPO to the country’s market regulator Securities and Exchange Board of India (SEBI).
As per the draft Red Herring Prospectus (DRHP), the company has offered to sell 3,63,64,838 equity shares by the promoter and existing shareholders through IPO. RHINE HOLDING LTD IN OFFER FOR SALE. of 1.74 crore shares, up to 7.23 lakh shares of Kedara Capital Alternative Investment Fund-Kedara Capital AIF-I and up to 1.81 crore shares held by Ravi Modi Family Trust.
The promoters of the company are Ravi Modi, Shilpi Modi and Ravi Modi Family Trust. The IPO is purely an offer of sale to the old shareholders of the company, hence the company will not receive any proceeds from the public issue.
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Manyavar is a well-known name for ethnic and celebration attire.
Let us tell you that Manyavar is a well-known name for ethnic and celebration attire. Its presence is across the country. Apart from the company, there are also brands like Tvmev, Manthan, Mohe and Mebaaz.
IPO market continues
It is noteworthy that the IPO of Vijaya Diagnostic Center and Amy Organics is open on September 1. Earlier, eight companies including Devyani International, Nuvoco Vistas Corporation and Cartrade Tech had sold shares to raise Rs 18,243 crore last month. So far in the current financial year, 20 companies have raised Rs 45,000 crore through IPO. During the last financial year 2020-21, 30 companies had raised Rs 31,277 crore from IPOs.
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