Vedant Fashions Ltd

The company was originally incorporated as Vedant Fashions Private Limited at Kolkata on 24 May 2002.Pursuant to a takeover agreement dated 01 June 2002, the business of a proprietorship firm by the n ... ame of 'M/s Vedant Creation', which was being carried out by one of the individual Promoters the company namely Ravi Modi, was transferred to the Company as a going concern. Subsequently, the Company was converted into a public limited company, pursuant to the approval accorded by the Shareholders at their extra-ordinary general meeting held on 16 July 2021. Consequently, the name of the Company was changed to Vedant Fashions Limited on 25 August 2021. Vedanta Fashions is country's largest manufacturer of Indian vending and ethnic wear for men.The company is primarily engaged in manufacturing and trading of readymade garments being men's ethnic wear such as sherwanis,indo-western,kurtas,suits etc. and women's ethnic wear such as lehanga,saree,suit,kurti etc and related accessories.The company markets its products under the brand name of Manyavar,Mohey,Mebaz,Twamev and Manthan.The MANYAVAR brand is a category leader in the branded Indian wedding and celebration wear market with a pan-India presence,The company offer a one-stop destination with a wide-spectrum of product offerings for every celebratory occasion and aim to deliver an aristocratic yet seamless purchase experience to the customers through its aesthetic franchisee-owned exclusive brand stores.The company also focused in the women's Indian wedding and celebration wear market through its brand, Mohey, launched in 2015. On 16 December 2006,the company has allotted 5262800 equity shares of Rs 10 each as bonus shares to the shareholders in the ratio of 1:2. On 24 August 2017,the company has allotted 654237 equity shares of Rs 10 each at a premium of Rs 3429.12 per share to Rhine Holdings Limited on preferential basis. Pursuant to a shareholders' resolution dated 22 November 2017, the Company sub-divided its share capital by sub-dividing the face value of its equity shares from Rs 10 per equity share to Rs 2 per equity share. Accordingly, by virtue of such split, with effect from 22 November 2017. On 05 December 2017,the company has allotted 62557585 equity shares of Rs 2 each as bonus shares to the shareholders in the ratio of 1:1. A scheme of arrangement was filed by Rainbow Iron & Steel Private Limited (the 'Transferor') and our Company (the 'Transferee') before the National Company Law Tribunal, Kolkata Bench ('NCLT'), under Sections 230 to 232, and other applicable provisions of the Companies Act, 2013 ('Scheme of Amalgamation'), seeking approval for the amalgamation of the Transferor into the Transferee. The appointed date for the Scheme of Amalgamation was 15 December 2017 ('Appointed Date'). The Scheme of Amalgamation was sanctioned by an order of the NCLT dated 25 September 2018 ('Order'). The Scheme of Amalgamation came into effect from 20 November 2018, On 21 December 2018,the company made the allotment of 964,225 equity shares to Ravi Modi (HUF) and 8,678,025 equity shares to Ravi Modi Family Trust (acting through its trustee, Modi Fiduciary Services Private Limited), pursuant to the Scheme of Amalgamation. Pursuant to a resolution of by the Shareholders of the company dated 16 July 2021, the company has sub-divided its face value of equity shares from Rs 2 each to Re 1 each. During the month of February 2022,the company came out with an Rs 3149.19-crore public issue which was entirely an offer for sale(OFS) by promoters and investors.The IPO shares were allotted at the price of Rs 866 per share including a premium of Rs 865 per share.The allotted shares were listed on the BSE Ltd and National Stock Exchange of India Ltd(NSE) on 16 February 2022. Read More