Fabindia files DRHP for IPO

Hyderabad: Fabindia Limited, a consumer lifestyle platform, flags India's first environmental, social and governance (ESG) IPO by filing a Draft Red Herring Prospectus (DRHP) with market regulator comprising a fresh issue of up to Rs 500 crore and sale of 25,050,543 equity shares by existing shareholders.

In order to reward and express gratitude to certain artisans and farmers engaged with the company or its subsidiaries, FabIndia's Promoters, namely, Bimla Nanda Bissell and Madhukar Khera intended to transfer 400,000 equity shares and 375,080 equity shares, respectively subsequent to the filing DRHP and either prior to filing of the Red Herring Prospectus or post the consummation of the offer and applicable regulatory lock-in period under the SEBI ICDR Regulations, in compliance with the applicable law.

Fabindia has empowered over 50,000 artisans of which 64 per cent are women demonstrating a pathway of empowerment to others. The company also works with over 2,200 farmers directly and over 10,300 farmers through associates to create sustainable agricultural practices.

The has taken steps to create a non-toxic farming culture by supporting farmers in getting global organic certification and developed a platform for artisans to be able to work from home by delivering raw material and picking up finished products from their homes.