Vedant Fashions Ltd, has filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) to raise funds via an initial public offering (IPO).

The issue comprises a pure offer for sale (OFS) of up to 36.36 million shares by its existing promoter and shareholders.

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The OFS has up to 17.46 million shares by Rhine Holdings Ltd; up to 723,000 shares by Kedaara Capital Alternative Investment Fund-Kedaara Capital AIF I; and up to 18.18 million shares by Ravi Modi Family Trust.

Currently, Rhine Holdings has 7.2per cent stake, while Kedaara AIF holds 0.3 per cent stake. Ravi Modi Family Trust has 74.67 per cent stake in the firm.

Axis Capital, Edelweiss Financial Services, ICICI Securities, IIFL Securities and Kotak Mahindra Capital are the book running lead managers to the issue.