India's Vedant Fashions loses 4% as promoter launches OFS to trim stake

Vedant Fashions

18/05/2023 05:58

** Shares of apparel maker Vedant Fashions Ltd  VEDN.NS 
fall as much as 4.12% to 1,195 rupees, a one-month low
    ** Promoter Ravi Modi Family Trust announces plans to sell
7% stake in company via an offer for sale (OFS)  urn:newsml:reuters.com:*:nFWN37E0YK
    ** Floor price of OFS is 1,161 rupees per share
    ** There is also oversubscription option to sell additional
2.88% stake
    ** If the oversubscription option is exercised, promoter
will sell 9.88% stake
    ** Promoter Ravi Modi Family Trust held 67.07% stake in
VEDN, as on March 31, 2023, according to shareholding pattern
data from National Stock Exchange
    ** OFS is primarily for the purpose of meeting the minimum
public shareholding norms of market regulator, says global
brokerage firm Morgan Stanley
    ** Stock is most active in two months, with a trading volume
of 291,271 shares as of 10:15 a.m. IST, thrice the 30-day avg -
Refinitiv data
    ** Seven of nine analysts tracking VEDN maintain "buy", one
suggests "sell" and one recommends "hold"; median PT is 1,387
rupees 

 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463))