Ethnic wear retail store chain Fabindia has filed preliminary papers with the markets regulator Securities and Exchange Board of India (SEBI) for its initial public offering (IPO).
The Delhi-based company, whose backers include PremjiInvest, the family office of Wipro founder Azim Premji, is making an Offer comprising of a fresh issue of up to Rs. 500 crore and an offer for sale of 25,050,543 equity shares by existing investors/ shareholders.
In order to reward and express gratitude to certain artisans and farmers engaged with the Company or its Subsidiaries, certain of Fabindia’s Promoters, namely, Bimla Nanda Bissell and Madhukar Khera, will gift shares to artisans and farmers.
William Nanda Bissell, one of Fabindia’s promoters, will transfer up to 32,200 equity shares by way of gift to certain acquaintances .
Established in 1960 by John Bissell, the company sources its products from villages of India and showcases handloom textiles and furniture to the world. According to the website, the products of Fabindia are mainly sourced from villages helping to provide and sustain rural employment in India. They are currently produced by over 40,000 artisans and craftspeople across India.
