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Vedant Fashions IPO

Catering to the Indian celebration and wedding wear market, Vedant Fashions Ltd. is one of the leading companies with a wide range of brands in its portfolio. These include category-leader ‘Manyavar’, ‘Mebaz’, ‘Twamev’, ‘Mohey’, and ‘Manthan’. The company has a pan India presence with an extensive product range comprising men’s ethnic wear items such as kurtas, sherwanis, jackets, safa, jutti, and mala.

The company also has an international presence with EBOs across Canada, USA, and UAE. The firm also operates its business via online platforms, multi-brand outlets (MBOs), and large format stores (LFSs).

Vedant Fashions IPO Objectives

  • Conducting the OFS of around 3,63,64,838 equity shares via existing company shareholders

  • Benefitting from the listing of these shares on stock exchanges.

Vedant Fashions – IPO Details

Vedant Fashions Ltd. filed its draft papers with market regulator SEBI in September 2021 and received the latter’s go-ahead on 28January 2022. The company’s DRHP states this public issue to be completely an offer for sale consisting of 3,63,64,838 equity shares, via which it aims to raise approximately Rs. 3,149.19 crores.

Company shareholders Kedaara Capital Alternative Investment Fund: Kedaara Capital AIF-I, Rhine Holdings Ltd., and Ravi Modi Family Trust will hold this OFS by selling their company shares as follows:

  • Kedaara Capital Alternative Investment Fund: Kedaara Capital AIF-I: 7.23 lakh shares

  • Rhine Holdings Ltd.: 1.74 crore shares

  • Ravi Modi Family Trust: 1.81 crore shares

Kfin Technologies India Pvt. Ltd. will be the registrar for this IPO. Similarly, the BRLMs for this public issue are as follows:

Individuals interested in subscribing to this initial public offering can refer to the following table for more details.

Issue Type

Book-built

Listing at

BSE and NSE

Face Value

Rs. 1

per equity share

Lot Size

17 shares

Maximum Order Quantity

13 lots (221 shares)

per equity share

Price Band

Rs. 824 - Rs. 866

Minimum Cut-off Amount (1 Lot)

Rs. 14,722

Maximum Cut-off Amount (13 Lots)

₹ 1,91,386

Listing at NSE, BSE

Vedant Fashions IPO Important Dates

IPO Opens on 4 February 2022
IPO Closes on 8 February 2022
Basis Of Allotment Publication Date 11 February 2022
Credit Of Shares To
Demat Account
15 February 2022
Initiation Of Refunds 14 February 2022
IPO Listing Date 16 February 2022

Vedant Fashions IPO Latest News and Subscription Status Today [Live]

Day 3 : 8 February 2022
Day 2 : 7 February 2022
Day 1 : 4 February 2022

At 10.40:00 AM.

- This IPO has been subscribed 0.21x by 10:40 AM. on Day 3

- It is a public issue of 2,54,55,388 equity shares.

 Status of Subscription

- (QIB) Qualified institutional buyers: 0.11x

- (NII) Non-institutional buyers: 0.09x

- (RII) Retail Individual buyers: 0.33x

 

At 11.40:00 AM.

- This IPO has been subscribed 0.41x by 11:40 AM. on Day 3

- It is a public issue of 2,54,55,388 equity shares.

 Status of Subscription

- (QIB) Qualified institutional buyers: 0.76x

- (NII) Non-institutional buyers: 0.10x

- (RII) Retail Individual buyers: 0.33x

 

At 12.40:00 PM.

- This IPO has been subscribed 0.48x by 12:40 PM. on Day 3

- It is a public issue of 2,54,55,388 equity shares.

 Status of Subscription

- (QIB) Qualified institutional buyers: 1.00x

- (NII) Non-institutional buyers: 0.10x

- (RII) Retail Individual buyers: 0.34x

 

At 1.40:00 PM.

- This IPO has been subscribed 1.25x by 1:40 PM. on Day 3

- It is a public issue of 2,54,55,388 equity shares.

 Status of Subscription

- (QIB) Qualified institutional buyers: 3.64x

- (NII) Non-institutional buyers: 0.13x

- (RII) Retail Individual buyers: 0.35x

 

At 3.05:00 PM.

- This IPO has been subscribed 2.26x by 3:05 PM. on Day 3

- It is a public issue of 2,54,55,388 equity shares.

 Status of Subscription

- (QIB) Qualified institutional buyers: 7.01x

- (NII) Non-institutional buyers: 0.35x

- (RII) Retail Individual buyers: 0.37x

 

At 4.05:00 PM.

- This IPO has been subscribed 2.26x by 4:05 PM. on Day 3

- It is a public issue of 2,54,55,388 equity shares.

 Status of Subscription

- (QIB) Qualified institutional buyers: 7.01x

- (NII) Non-institutional buyers: 0.35x

- (RII) Retail Individual buyers: 0.37x

 

At 5.05:00 PM.

- This IPO has been subscribed 2.57x by 5:05 PM. on Day 3

- It is a public issue of 2,54,55,388 equity shares.

 Status of Subscription

- (QIB) Qualified institutional buyers: 7.49x

- (NII) Non-institutional buyers: 1.07x

- (RII) Retail Individual buyers: 0.39x

At 10.40:00 AM.

- This IPO has been subscribed 0.16x by 10:40 AM. on Day 2

- It is a public issue of 2,54,55,388 equity shares.

 Status of Subscription

- (QIB) Qualified institutional buyers: 0.06x

- (NII) Non-institutional buyers: 0.07x

- (RII) Retail Individual buyers: 0.25x

 

At 11.40:00 AM.

- This IPO has been subscribed 0.17x by 11:40 AM. on Day 2

- It is a public issue of 2,54,55,388 equity shares.

 Status of Subscription

- (QIB) Qualified institutional buyers: 0.06x

- (NII) Non-institutional buyers: 0.07x

- (RII) Retail Individual buyers: 0.27x

 

At 12.40:00 PM.

- This IPO has been subscribed 0.17x by 12:40 PM. on Day 2

- It is a public issue of 2,54,55,388 equity shares.

 Status of Subscription

- (QIB) Qualified institutional buyers: 0.06x

- (NII) Non-institutional buyers: 0.07x

- (RII) Retail Individual buyers: 0.28x

 

At 2.40:00 PM.

- This IPO has been subscribed 0.18x by 2:40 PM. on Day 2

- It is a public issue of 2,54,55,388 equity shares.

 Status of Subscription

- (QIB) Qualified institutional buyers: 0.06x

- (NII) Non-institutional buyers: 0.08x

- (RII) Retail Individual buyers: 0.29x

 

At 3.40:00 PM.

- This IPO has been subscribed 0.20x by 3:40 PM. on Day 2

- It is a public issue of 2,54,55,388 equity shares.

 Status of Subscription

- (QIB) Qualified institutional buyers: 0.11x

- (NII) Non-institutional buyers: 0.08x

- (RII) Retail Individual buyers: 0.30x

 

At 4.30:00 PM.

- This IPO has been subscribed 0.20x by 4:30 PM. on Day 2

- It is a public issue of 2,54,55,388 equity shares.

 Status of Subscription

- (QIB) Qualified institutional buyers: 0.11x

- (NII) Non-institutional buyers: 0.08x

- (RII) Retail Individual buyers: 0.31x

 

At 5.10:00 PM.

- This IPO has been subscribed 0.21x by 5:10 PM. on Day 2

- It is a public issue of 2,54,55,388 equity shares.

 Status of Subscription

- (QIB) Qualified institutional buyers: 0.11x

- (NII) Non-institutional buyers: 0.09x

- (RII) Retail Individual buyers: 0.31x

At 10.40:00 AM.

- This IPO has been subscribed 0.05x by 10:40 AM. on Day 1

- It is a public issue of 2,54,55,388 equity shares.

 Status of Subscription

- (QIB) Qualified institutional buyers: 0.00x

- (NII) Non-institutional buyers: 0.05x

- (RII) Retail Individual buyers: 0.08x

 

At 11.40:00 AM.

- This IPO has been subscribed 0.08x by 11:40 AM. on Day 1

- It is a public issue of 2,54,55,388 equity shares.

 Status of Subscription

- (QIB) Qualified institutional buyers: 0.00x

- (NII) Non-institutional buyers: 0.05x

- (RII) Retail Individual buyers: 0.13x

 

At 12.40:00 PM.

- This IPO has been subscribed 0.09x by 12:40 PM. on Day 1

- It is a public issue of 2,54,55,388 equity shares.

 Status of Subscription

- (QIB) Qualified institutional buyers: 0.00x

- (NII) Non-institutional buyers: 0.06x

- (RII) Retail Individual buyers: 0.15x

 

At 1.40:00 PM.

- This IPO has been subscribed 0.10x by 1:40 PM. on Day 1

- It is a public issue of 2,54,55,388 equity shares.

 Status of Subscription

- (QIB) Qualified institutional buyers: 0.00x

- (NII) Non-institutional buyers: 0.06x

- (RII) Retail Individual buyers: 0.17x

 

At 2.40:00 PM.

- This IPO has been subscribed 0.11x by 1:40 PM. on Day 1

- It is a public issue of 2,54,55,388 equity shares.

 Status of Subscription

- (QIB) Qualified institutional buyers: 0.00x

- (NII) Non-institutional buyers: 0.06x

- (RII) Retail Individual buyers: 0.19x

Why Should I Invest in Vedant Fashions IPO?

Following are some key reasons why individuals can consider investing in this upcoming Vedant Fashions aka ‘Manyavar’ IPO:

  • Vedant Fashions Ltd. is already a leading player in the premium categories of the Indian ethnic wear market, expanding its portfolio to include women and kidswear. It aims to further enhance its market dominance with an expected growth rate of 18%-20% over 2020-2025.

  • The company managed to maintain its margins despite suffering a setback in the financial year 2021 due to the COVID-19 crisis and its consequent restrictions on gatherings at weddings. It recorded sales of 44.6%, 38.64%, 13%, and 3.59% from India’s Tier I, Tier II, Tier III cities, and global markets, respectively, in the six-month period ended September 2021.

  • The brand has already started commanding a GMP worth Rs. 105 over its shares in the grey market, indicating the IPO’s performance at the stock markets, according to market analysts.

Financial Highlights

Individuals can have a look at the following table to get acquainted with the financial whereabouts of Vedant Fashions Ltd. over the last 2 years.

Financial Year Total Assets Total Revenue Profit After Tax
31 March 2021 16,256.53 6,250.19 1,329.03
31 March 2020 15,915.53 9,479.76 2,366.37

Note: Amounts are in Rs. millions

How to Apply for Vedant Fashions IPO?

You can apply for the Vedant Fashions IPO in these ways:

Demat Account

  • Individuals just starting with IPO investments can apply for this public issue in a hassle-free manner via a Demat account. They can do so after simply creating an account via the Angel One platform free of cost. Thereafter, they can sign in using their login credentials to place a bid for the Vedant Fashions IPO or any other public issue of their choice.

  • Conversely, existing Angel One customers can simply click here to subscribe to this IPO of Vedant Fashions.

UPI

  • The second way to apply for this initial public offering of Vedant Fashions is through a UPI ID. Individuals need to link their UPI handle with their bank account and then connect the former with the Angel One app. After completing this process, they can subscribe to this IPO.
  • Later, they can go to the Angel One website or app and navigate to the UPI option to place a bid for any public issue of their choice.

Vedant Fashions IPO – Noteworthy Highlights

  • Vedant Fashions is a one-stop destination for Indian ethnic wear, operating via a multi-channel retail distribution network.
  • As of 30 September 2021, Vedant Fashions recorded a 1.2 million square feet retail footprint, consisting of 535 exclusive brand outlets or EBOs across 212 locations in the country.

  • The company’s flagship brand, ‘Manyavar’, has a number of accolades and awards in its name, with the latest being ‘Best Men's Ethnic Wear Brand (East)’ of 2019 by Times Business Awards.

  • In the same year, the company marked launching its 600th store in Mysore.

  • Headquartered in Kolkata, the brand also reports completely IT-led operations using real-time MIS for enhanced efficiency as well as service quality.

Vedant Fashions IPO – SWOT Analysis

strengths

Strengths

  • Strong market presence:

    Vedant Fashions boasts of an established brand positioning with an extensive network of shop-in-shops, EBOs, MBOs, and online availability. Its operating margin stood at approximately 35% over the 3 FYs through 2020, establishing a low business risk profile and sustained growth.

  • Extensive product range:

    The company offers a wide range of traditional outfits in partywear, wedding wear, and other collections for special occasions. Its clothing line comprises formal suits, sherwanis, kurtas, and Indo-Western fusion wear, among others. Besides, the brand also offers accessories such as jutti, dupatta, safa, jackets, and broach. Additionally, it also offers women’s ethnic wear under ‘Mohey’ and kidswear.

  • Efficient marketing:

    Vedant Fashions has a remarkable social media presence and a history of celebrity endorsements. This, added to its recent collaboration with the Indian Premier League, has only helped enhance the brand’s prevalent visibility.

Weaknesses

Weaknesses

  • Heavy requirement of working capital:

    The company’s gross current assets rose due to modification in its store format over 2017-2018 to franchise-owned and franchise-operated (FOFO) model. Besides, the pandemic-led nationwide lockdown also added to greater receivables.

Opportunities

Opportunities

  • High growth prospects for India’s textile industry:

    Rapid urbanisation with a significant per cent of the country’s population comprising the youth are primary reasons for increasing demand for apparel. The young population, with rising disposable income and a heightened sense of fashion, is likely to spend increasingly on clothing items over the years. This, coupled with the rising textile exports rate, poses great growth opportunities for brands like Vedant Fashions.

  • India’s extensive festivals and wedding market:

    Indian celebration and wedding wear market thrives on the concept of ‘pent-up demand’, which is a significant factor driving its growth. Numerous festivals and weddings all year round contribute to long-term growth factors, ensuring stable business performance for ethnic wear brands. This YOY growth is expected to reach 48%-50% in the fiscal year 2022.

Threats

Threats

  • Shortage of raw materials:

    The textile industry is heavily affected by the fluctuation in the availability of raw fabrics.

  • Changing fashion trends:

    Constantly evolving fashion trends impose the pressure of adapting to mass preferences while keeping up one’s brand identity. As a result, brands like VFPL continuously need to upgrade and innovate.

  • Economic downturn:

    Recent economic slag due to the pandemic-driven lockdowns has led to changes in consumers’ spending habits. This negatively impacts sales of luxury items such as premium celebration wear.

Strenghts Strengths
Weaknesses Weaknesses
Opportunities Opportunities
Threats Threats

Strengths

  • Strong market presence:

    Vedant Fashions boasts of an established brand positioning with an extensive network of shop-in-shops, EBOs, MBOs, and online availability. Its operating margin stood at approximately 35% over the 3 FYs through 2020, establishing a low business risk profile and sustained growth.

  • Extensive product range:

    The company offers a wide range of traditional outfits in partywear, wedding wear, and other collections for special occasions. Its clothing line comprises formal suits, sherwanis, kurtas, and Indo-Western fusion wear, among others. Besides, the brand also offers accessories such as jutti, dupatta, safa, jackets, and broach. Additionally, it also offers women’s ethnic wear under ‘Mohey’ and kidswear.

  • Efficient marketing:

    Vedant Fashions has a remarkable social media presence and a history of celebrity endorsements. This, added to its recent collaboration with the Indian Premier League, has only helped enhance the brand’s prevalent visibility.

Weaknesses 

  • Heavy requirement of working capital:The company’s gross current assets rose due to modification in its store format over 2017-2018 to franchise-owned and franchise-operated (FOFO) model. Besides, the pandemic-led nationwide lockdown also added to greater receivables.

Opportunities 

  • High growth prospects for India’s textile industry:Rapid urbanisation with a significant per cent of the country’s population comprising the youth are primary reasons for increasing demand for apparel. The young population, with rising disposable income and a heightened sense of fashion, is likely to spend increasingly on clothing items over the years. This, coupled with the rising textile exports rate, poses great growth opportunities for brands like Vedant Fashions.
  • India’s extensive festivals and wedding market:Indian celebration and wedding wear market thrives on the concept of ‘pent-up demand’, which is a significant factor driving its growth. Numerous festivals and weddings all year round contribute to long-term growth factors, ensuring stable business performance for ethnic wear brands. This YOY growth is expected to reach 48%-50% in the fiscal year 2022.

Threats 

  • Shortage of raw materials:

    The textile industry is heavily affected by the fluctuation in the availability of raw fabrics.

  • Changing fashion trends:

    Constantly evolving fashion trends impose the pressure of adapting to mass preferences while keeping up one’s brand identity. As a result, brands like VFPL continuously need to upgrade and innovate.

  • Economic downturn:

    Recent economic slag due to the pandemic-driven lockdowns has led to changes in consumers’ spending habits. This negatively impacts sales of luxury items such as premium celebration wear.

Competitive Analysis: Market Peers

The offer documents provided by the company do not state any listed market peers of Vedant Fashions for comparison.

Vedant Fashions IPO FAQs

1. What is the process to apply for the Vedant Fashions IPO via the Angel One platform?

  • Interested individuals can apply for a public issue on the Angel One app in the following ways –

    Step 1: Click on ‘Investment Opportunities’ on the Angel one app’s homepage.

    Step 2: Next, enter all necessary details under the ‘IPOs and FPOs’ section.

    Step 3: After that, enter your NPCI-certified UPI handle.

    Step 4: Finally, complete this process by hitting ‘Invest’ and placing your bid for this public issue of Vedant Fashions.

2. I do not have a UPI ID. Can I apply for the public issue of Vedant Fashions?

Yes, it is possible to apply for the Vedant Fashions IPO even without a UPI ID. You can contact your respective bank and avail the ASBA process they offer. However, you can always create a UPI ID if you don’t already have one, using the UPI handles present on the NPCI-approved list.

3. What is the process to find a UPI ID on the Angel One app?

You need to open the Angel One app and navigate to the ‘Profile’ section to locate a UPI ID.

4. Why can’t I locate my UPI ID in the Angel One app’s drop-down menu when applying for Vedant Fashions IPO?

If you cannot find your UPI ID on the Angel One app’s drop-down menu, it may be because your UPI ID is not NPCI-approved. Under such circumstances, you can simply create a fresh one using any of the UPI handles present on the NPCI list.

5. Can I use a bank account not linked with the Angel One app to place a bid for Vedant Fashions initial public offering?

Yes, individuals can place a bid for this public issue of Vedant Fashions via a bank account that is not linked with the Angel One platform. In this regard, make sure the bank account you are using for this purpose is in your name.

6. Is it necessary to approve a UPI mandate request immediately after receiving it?

Yes, it is crucial that you accept a UPI mandate for this Vedant Fashions IPO as soon as you receive it. This increases your chances of approval. However, the approval window stays open till 12 pm on the next working day from the previous day’s closing bell.

7. What is the process to generate a UPI ID using the BHIM app?

You can follow the steps given below in order to create a UPI ID with the BHIM app:

Step 1: Download the BHIM UPI app and install it on your smartphone.

Step 2: Next, review your mobile number and authenticate it on the app. Thereafter, create a unique PIN or password that you need to access this application.

Step 3: Select your preferred financial institution from the NPCI-approved list of registered banks. Upon doing so, the app will automatically gather your bank account information.

Step 4: Conversely, if you have more than one bank account, select the one you wish to link with the Angel One platform.

Step 5: Finally, create your personal UPI ID for security purposes.

Upon completing this process, you will be able to locate your UPI ID in this app’s ‘Profile’ section.

8. How can I approve a UPI mandate request for this initial public offering of Vedant Fashions?

Individuals can just use a UPI application to accept a UPI mandate request for this IPO of Vedant Fashions. On that note, you can click here for a step-by-step guide and other details of this process.

9. Can I use a Hindu Undivided Family or HUF account to submit an application for Vedant Fashions IPO on the Angel One platform?

No, you cannot use a Hindi Undivided Family or HUF account to apply for this public issue of Vedant Fashions on Angel One. However, in case you decide to use such an account for this purpose, you can contact your bank to utilise their ASBA process.

10. Is it possible to use a current bank account to place a bid for this Vedant Fashions IPO on Angel One?

No, you cannot use a current bank account to place an application for the IPO of Vedant Fashions or any other company on the Angel One app. Even if you do, such applications will not be accepted. Instead, you can use a savings account to undertake this procedure. Additionally, you can contact your respective bank’s representative for further information.

11. Can I place an application for Vedant Fashions IPO using my minor daughter’s account?

No, you cannot place a bid for an IPO on the Angel One platform through your minor daughter’s account. However, a minor can place an application for an initial public offering through their respective bank’s ASBA process.

12. Why can’t I place a bid for Vedant Fashions IPO on Angel One app via my current UPI handle?

The probable reason why you are unable to apply for this public issue of Vedant Fashions using your existing UPI handle is that your UPI ID may not be NPCI-approved. Under such circumstances, you can always create a new ID through any of the UPI service providers having NPCI’s approval. After completing this process, you can use this UPI ID to apply for any IPOs of your desire.

13. What is the minimum time necessary to block or unblock funds for an IPO subscription?

The minimum time required to block funds for an IPO subscription is subject to how fast you approve a UPI mandate request. Thereafter, banks will freeze the funds necessary for an IPO upon your mandate request approval.

However, in case your mandate request expires, or you fail to secure an allotment, banks will immediately unblock this amount. In case your funds are still not unblocked, you can get in touch with your respective financial institution for detailed clarification.

14. I am an NRI. Can I apply for this initial public offering of Vedant Fashions through the Angel One platform?

No, non-resident Indians cannot utilise the Angel One app to place a bid for this public issue of Vedant Fashions. However, they can always opt for the Application Supported by Blocked Amount or ASBA process offered by various financial institutions to apply for an IPO of their preference.

15. How long does it take to receive a UPI mandate request after applying for an IPO?

The nominal time it takes to receive a UPI mandate request after placing an IPO bid is around 10-15 minutes. However, individuals may experience delays at times due to a number of reasons.

16. The status of my UPI mandate request for Vedant Fashions IPO is still displaying pending on the Angel One app even after I have approved it. What can be the possible reason?

There is not much you can do if your IPO mandate request on the Angel One app shows pending even after your approval. This is because the Angel One platform does not update the status of UPI mandate requests in real-time, so you might not be able to see the updated status right away. However, you can view your mandate request’s actual status in the IPO’s order book after you have approved it.

17. Does the Angel One platform charge any extra fees for subscription to this initial public offering of Vedant Fashions?

No, individuals need not pay any extra fees to place a bid for the latest Vedant Fashions IPO through the Angel One platform.

18. Is it possible to submit more than one application for this initial public offering through a single PAN?

No, you cannot use a single PAN to place multiple bids for one IPO. This is because all of your applications may get rejected in such cases, according to prevalent bidding rules. This will eventually result in you failing to secure an allotment for this IPO of Vedant Fashions or that of any other company.

19. What does the cut-off price indicate? Is it possible to place a bid for an IPO at this price?

A cut-off price indicates the price at which equity shares of Vedant Fashions or any other firms will be listed at the bourses. This is a pre-determined price that company authorities commonly decide in an IPO’s allotment stage.

Placing a bid at this cut-off price suggests your will to purchase company shares at this cost. As a result, it also increases your chances of securing an allotment.

20. I have submitted the final application for Vedant Fashions IPO. Why are the necessary funds not deducted from my bank account yet?

The reason why funds pertaining to a public issue are not deducted even after successfully placing a bid is that financial institutions do not debit such funds immediately after bid submission. Alternatively, they block this amount for the moment and deduct it only after you secure an allotment.

Conversely, banks release these funds if your UPI mandate request expires or you fail to receive an allotment.

21. Is it possible to modify my bid for this initial public offering of Vedant Fashions after placing my final application?

Yes, you can alter your IPO bid for Vedant Fashions even after you have submitted the final application. In this regard, you can modify the IPO lot size and your UPI ID.

However, note that making any alterations after approving your UPI mandate request will make this a new bid. As a result, financial institutions will block your new bid amount in addition to the previous one. You will also receive a fresh UPI mandate request for your new bid.

22. Are there any ways to confirm allotment for this initial public offering of Vedant Fashions?

No, it is not possible to ensure allotment for any IPOs, regardless of the company you are applying for. In the case of oversubscription, which is a common phenomenon, firms use a lottery system to allocate shares. This is why there is no way to guarantee allotment.

However, you can enhance your chances of receiving an allotment by following the steps mentioned below –

  • Confirming that your Demat account is connected with your PAN

  • Placing a bid at the cut-off price

  • Making sure that your UPI ID and bank account are linked with a single PAN

Not adhering to this requirement will result in rejection. For instance, person A places a bid for Vedant Fashions IPO via his Demat account but pays using a UPI ID belonging to person B. In this case, you may face rejection because –

  • Person A’s Demat account is not connected with B’s bank account

  • Person B’s UPI ID is not linked with A’s PAN

23. What can be the possible reasons why my IPO application for Vedant Fashions got rejected?

Here are some probable reasons why your application for Vedant Fashions faced rejection –

  • You provided the wrong UPI PIN when approving the mandate request.

  • Your UPI ID, Demat account, and bank account are not linked with the same PAN.

For instance, if you use your Demat account to place a bid for Vedant Fashions IPO and your friend’s UPI ID to complete payment, your application may face rejection in case –

  • Your friend’s bank account is not connected with your Demat account

  • Your friend’s UPI ID and your PAN are not connected

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