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IPO

Manyavar-owner Vedant Fashions raises Rs.945-Cr from anchor investors

Economic Times  

Vedant Fashions Ltd, which owns ethnic wear brand Manyavar, has raised INR 945 crore from anchor investors, ahead of its IPO roll-out. The company has decided to allot 1,09,09,450 equity shares to anchor investors at INR 866 apiece, which is also the upper band of the public issue, aggregating the transaction size to INR 944.75 crore. The Government of Singapore, Monetary Authority of Singapore, Fidelity, Nomura, Abu Dhabi Investment Authority, Morgan Stanley Asia (Singapore) Pte, BNP Paribas Arbitrage and Societe Generale are among the anchor investors. HDFC Life Insurance Company, ICICI Prudential Life Insurance Company, SBI Mutual Fund (MF), ICICI Prudential MF, Axis MF, Kotak MF, Aditya Birla Sun Life MF, Sundaram MF and UTI MF were also allocated shares. The IPO is purely an offer for sale of 36,364,838 equity shares by promoters and existing shareholders. The OFS comprises sale of up to 1.74 crore shares by Rhine Holdings Ltd, up to 7.23 lakh shares by Kedaara Capital Alternative Investment Fund-Kedaara Capital AIF I, and up to 1.81 crore shares by Ravi Modi Family Trust.