Daily Brief India: Vedant Fashions, Nexus Select Trust, Vedanta Resources and more

• Vedant Fashions (MANYAVAR IN)‘ Promoter is looking to raise US$239m via trimming a 7% stake in the firm. 
• The selldown here is to meet the minimum public shareholding requirement of 25% set by SEBI.
• The deal would be a large one to process with the base deal alone representing 187 days of the firm’s three month ADV.

• Nexus Select Trust (NST IN) raised around US$391m in its India IPO. The market value of its assets stood at INR234bn (US$2.9bn), of which INR211bn (US$2.6bn) was from its retail assets.
• NST is a REIT with a portfolio of 17 Grade A urban consumption centers. It is backed by Blackstone.
• We have looked at various aspects of the deal in our previous note, in this note, we talk about the demand and trading dynamics.

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.

• Vedanta Resources