The firm that owns the Manyavar line of ethnic clothing, Vedant Fashions Ltd (VFL), said on Wednesday that one of its founders intends to sell up to 7% of the business for at least Rs 1,962 crore.
According to a regulatory filing, the promoter of VFL, Ravi Modi Family Trust, plans to sell up to 1.69 crore equity shares, or 7% of the company's total issued and paid-up equity share capital.
The offer's floor price for equity shares is Rs 1,161.
The statement said, “The offer is being made by the sellers to achieve the minimum public ownership of the firm…
Listed firms must have at least a quarter of their shares held by the public.
The promoters now own 84.88 percent of the firm.