Ravi Modi Family Trust, promoter of Vedant Fashions Ltd, plans to sell about 1.70 crore shares of Vedant Fashions Limited, representing 7 per cent of the total issued and paid-up on Thursday for non-retail investors and on Friday for retail investors. The offer for sale will also have an green-shoe option to additionally sell another 69.88 lakh shares (2.88 per cent) in the event of oversubscription .
The floor price of the offer has been fixed as ₹1,161, in sharp discount to the today’s closing price of ₹1,246.85.
The offer is being made to meet SEBI’s minimum public shareholding norm of the company.
Currently, promoters hold 84.88 per cent stake in the company.
