Vedant Fashions Ltd

Vedant Fashions Ltd

Vedant Fashions Ltd 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 name 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 presenceThe 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 2006the 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 2017the 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 allotted 62557585 equity shares of Rs 2 each as Bonus Shares to the shareholders in the ratio of 1:1.In FY 2017-18 Rainbow Iron & Steel Private Limited (Transferor) was amalgamated with the Company (Transferee) through the Scheme of Arrangement effective from 20 November 2018. On 21 December 2018 the Company made the allotment of 964225 Equity Shares to Ravi Modi (HUF) and 8678025 Equity Shares to Ravi Modi Family Trust (acting through its trustee Modi Fiduciary Services Private Limited) through Scheme of Amalgamation.During February 2022the 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.As of Mar 31 2022 the Company had a retail footprint of 1.3 million square feet covering 583 EBOs (including shop-in-shops) spanning across 223 cities and towns in India and 12 EBOs overseas across the United States Canada and the UAE.During FY 22-23 the number of Exclusive Brand Outlets (EBOs) increased and as of March 2023 the Company's EBO area stoodat 1.47 million square feet spanning 649 stores (including SIS) in 257 cities and towns globally. The national EBO footprint tallywas at 633 stores (including SIS) spread across 245 cities and towns.