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Kotak reduces stake in V-Mart Retail

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Kotak Mahindra (International) Ltd has reduced its stake in V-Mart Retail Ltd by 5.54 per cent, selling over 10 lakh shares in the open market for an estimated Rs 51 crore.

Kotak reduces stake in V-Mart Retail
Based on the weighted average price of V-Mart Retail's stock on May 18, the transaction is estimated to be Rs 50.69 crore

According to a PTI report: Kotak Mahindra (International) Ltd, which had 9.43 per cent stake earlier, brought down its shareholding in the company to 3.88 per cent on May 18, V-Mart Retail said in a filing to the BSE.

Based on the weighted average price of V-Mart Retail’s stock on May 18, the transaction is estimated to be Rs 50.69 crore. V-Mart Retail stock closed at Rs 515 apiece on BSE.

V-Mart also counts IDFC Sterling, Tata Dual Advantage Fund, Fidelity, Aditya Birla PE among its shareholders. V-Mart targets tier II and tier III cities and runs 125 stores in over a hundred cities across 14 Indian states.