Manyavar owner files IPO papers

Vedant Fashions, which owns ethnic wear brand Manyavar, has filed preliminary papers with capital markets regulator Sebi to raise funds through an initial share-sale. The IPO is purely an offer for sale of 36,364,838 equity shares by promoter and existing shareholders, according to the draft red herring prospectus (DRHP). The OFS comprises sale of up to 17.4 million shares by Rhine Holdings Ltd; up to 723,000 shares by Kedaara Capital Alternative Investment Fund-kedaara Capital AIF I; and up to 18.1 million shares by Ravi Modi Family Trust.