Manyavar's OFS fully subscribed, garners nearly 1.4 times more bids

The offer for sale (OFS) launched by Vedant Fashions, that operates ethnic wear brand Manyavar, garnered nearly 1.4 times more bids than the shares on offer. The OFS saw bids for over 34 million shares from institutional investors as against 24 million on offer. The floor price for the OFS has been set at Rs 1,161. Shares of the company last closed at Rs 1,240. Most of the bids in the share sale came at Rs 1,206, showed stock exchange data. About 2.4 million shares for retail investors will be auctioned on Friday. Axis Capital and Kotak Mahindra Bank are the investment banks handling the share sale. The shares put on the block belong to the promoter entity Ravi Modi Family Trust and account for 9.88 per cent equity of the company. At the end of March 2023, the promoter holding in Vedant Fashions stood at 84.88 per cent.  Following the OFS, the Kolkata-based company—which got listed in February 2022—will become compliant with the minimum public shareholding norms.