Promoters of value retailer Vishal Mega Mart on Tuesday offloaded 900 million shares, or nearly 20% stake, in the company in a Rs 10,220-crore block deal. It was among the biggest secondary sale transactions in recent quarters.
Kedaara Capital and Partners Group are the two private equity promoters of the leading fashion-led hypermarket brand. Samayat Services is the investment vehicle of the above-mentioned PE players, holding 74.6% in Vishal Mega Mart, according to the firm’s shareholding pattern for the quarter ended March 2025.
Foreign institutional investors (FIIs) and domestic institutional investors (DIIs) held 7% and 12.2% each, while the public shareholding in Vishal Mega Mart was 6.2% at the end of the March quarter.
Bulk deals data from the NSE on Tuesday evening showed that the block deal in Vishal Mega Mart was executed at an average floor price of Rs 113.5 a share, which is at a discount of 9% to Monday’s closing price of Rs 124.85 on the exchange.
The buyers included HDFC Mutual Fund, Kotak Mahindra Mutual Fund and SBI Mutual Fund, which cumulatively picked up nearly 7% stake in the block deal, spending a total of Rs 3,636 crore. Identities of the remaining buyers were not disclosed by the exchange.
The share sale, which was double of what was previously planned by the promoters, took place just a day after the end of the lock-in period for the company’s pre-IPO shareholders. With the expiry of the lock-in, about 2,562 million shares—representing 56% of Vishal Mega Mart’s equity—became eligible for trade, unlocking shares worth over Rs 30,000 crore, industry experts said. The promoters had previously planned to sell 10% stake for Rs 5,075 crore.
Following the block deal on Tuesday, shares of Vishal Mega Mart were down 9% intra-day on the NSE, before recovering in the second half to close trade at Rs 129.90 apiece, up 4% versus the previous day’s close.