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Kotak reduces stake in V-Mart Retail

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(International) Ltd has reduced its stake in 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.