25 January 2022, Mumbai:
Lifestyle brand Fabindia has launched a unique scheme to gift seven lakh shares to artisans and farmers from the Rs 4,000 crore IPO it will soon launch.
The company filed the Draft Red Herring Prospectus (DRHP) with markets watchdog Sebi for the offer including fresh issue of shares worth up to Rs 500 crore. Fabindia also plans ‘Offer For Sale’ OFS of up to 25,050,543 shares.
It will utilize the proceeds from the fresh issue of shares for voluntary redemption of its NCDs (Non-Convertible Debentures), pre-payment or scheduled re-payment of a portion of certain outstanding borrowings and general corporate purposes.
KEY HIGHLIGHTS
- Scheme to gift artisans & farmers from the Rs 4,000 crore proposed IPO
- It also plans ‘Offer For Sale’ OFS of up to 25,050,543 shares
- The company filed the DRHP with markets watchdog Sebi
- In the DRHP, the company mentions, its ESG initiatives
In the DRHP, the company mentions, its ESG (Environmental, Social and Governance) initiatives, with have a long and lasting positive impact on its growth.
The company is the largest private platform for products that derive from traditional crafts and knowledge. A large proportion of these are sourced from villages across India where the company works closely with the artisans, providing various inputs including design, quality control, access to finance and raw materials.
Fabindia’s endeavor is to bring customers a choice of products – and lifestyle – that offers an alternative to the mass-produced, while creating sustainable livelihoods in the rural sector.
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