Vishal Mega Mart Loses 7% Amid Rs 7,500 Crore Block Deal By Promoter
· Free Press Journal
The stock of Vishal Mega Mart was down over 6.5 percent during early trade on Friday. It ranked at the top among the worst performers in the BSE 150 MidCap Index.
The steep decline in value came after reports that one of its promoters decided to sell up to a 6.9 percent stake via a block deal.
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The stock opened over 7.1 percent lower at Rs 118.50 apiece, compared to its previous close of Rs 127.60. During trade, it fell up to 7.6 percent to Rs 117.80 apiece.
Delhi: Massive Fire At Vishal Mega Mart In Karol Bagh Kills Two, Raises Alarm Over Fire Safety Violations (Video)Ahead of the market opening on Friday, it was reported that Samayat Services LLP may sell up to a 6.9 percent stake in the hypermarket chain at Rs 115 apiece for Rs 3,507.5 crore via a block deal.
However, the stake and deal value were reportedly raised to 14.2 percent and Rs 7,500 crore, respectively. Any subsequent offloading of shares can take place after a lock-in period of 150 days.
Samayat Services LLP had offloaded about 90 crore shares of Vishal Mega Mart worth around Rs 10,220 crore in June last year.
Markets Tumble As Sensex Sinks 1,068 Points, Nifty Loses 288 Points; IT Stocks Slide 4.7% On Fresh US Tariff JittersThe former had a stake of 54.09 percent in the latter as of December, according to stock exchange data. Samayat Services is a firm jointly owned by PE firms Kedaara Capital and Partners Group.
In the December quarter, Vishal Mega Mart reported revenue of Rs 1,570 crore and a net profit of Rs 181 crore. These were lower than the previous quarter, when the firm reported revenue of Rs 1,746 crore and a profit of Rs 131 crore.
As of the December quarter, Vishal Mega Mart had 771 stores, 29 of which were added in Q3. The company has a presence in 517 cities. It is also increasing its online presence, with its quick commerce coverage expanding to 7,223 stores across 485 cities.