Vishal Mega Mart promoters likely sell Rs 10,500 crore stake via block deal, stock down 8%
Shares of Vishal Mega Mart cracked 7.8% to their day’s low of Rs 115.10 on the BSE in Tuesday’s early trade after the company’s promoter, Samayat Services LLP, likely offloaded a 20% equity stake via a block deal.
91 crore shares of the company worth Rs 10,488 crore change hands at Rs 115 apiece, according to CNBC TV-18.
However, the official parties of the transaction are not currently known.
Previous reports suggested that the promoter was set to offload a 10% stake in the company through block deals, estimated at Rs 5,057 crore, and expected to be executed at a floor price of Rs 110 per share — about 12% lower than Monday’s closing price of Rs 124.90.
On Monday, Vishal Mega Mart shares closed with gains of Rs 1.15, or 0.93%.
