FabIndia plans to raise Rs 4,000 crore in IPO
Ethnic wear and lifestyle retail brand FabIndia plans to raise up to Rs 4,000 crore ($537.6 billion) through an initial public offer (IPO).
To celebrate the opening of its IPO, the promoters of the company plan to give 750k shares to artisans, farmers from across the country.
The company recently filed the Draft Red Herring Prospectus (DRHP) with market watchdog Sebi for the offer that will include fresh issue of shares worth up to Rs 500 crore.
“Our promoters, namely, Bimla Nanda Bissell and Madhukar Khera have opened their respective demat accounts and have transferred 400,000 equity shares and 375,080 equity shares, respectively, that are proposed to be transferred by way of gift to the artisans and farmers,” the company said in its DRHP.
“We have aimed to create social impact and foster economic well-being for our artisans, communities, employees and investors, using environmentally responsible and ethical means,” it added.
John Bissell founded FabIndia in 1960, to celebrate and promote Indian textiles. The business has links with 55,000 non-metro manufacturers and brings their products including textiles, clothing, and accessories, to a metro and international market and retails both online and in its retail outlets.
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