In one of the biggest block deals this year promoters of Vishal Mega Mart, sold 90 crore shares or 19.6 per cent in the hypermarket retailer for around ₹10,220.4 crore, according to exchange data.
Promoter firm Samayat Services LLP sold 45 crore shares at ₹113.51 apiece and another lot of 45 crore for ₹113.61 each.
Samayat Services, which held 74.55 per cent stake in the company at the end of March, is an investment vehicle jointly owned by private equity firms Kedaara Capital and Partners Group.
According to term sheets viewed by businessline, originally the promoters had intended to offload about 10 per cent stake, but significant demand from local mutual funds led them to upsize and double the stake on offer. The transacted price was at a discount of 9 per cent to the closing price of the stock on Monday.
The floor price was set at ₹110 per share. A number of mutual funds lapped up the shares sold by the promoters.
SBI Mutual Fund acquired 16.6 crore shares for ₹1,878 crore, HDFC Mutual Fund 7.5 crore shares for ₹851 crore, and so on.
When the block deal was launched in the morning hours, shares of Vishal Mega Mart fell over 9 per cent to a low of ₹113.5 on the NSE, before recovering during the day’s trading to end 4 per cent higher at ₹129.90.