Vishal Mega Mart Bulk Deal: SBI, Kotak, HDFC Mutual Funds Among Top Buyers

Vishal Mega Mart Ltd.'s block deal on Tuesday saw notable institutional interest as mutual funds lapped up shares.

Promoter Kedaara Capital, via Samayat Services LLP, sold 90 crore shares, representing a 19.57% stake in the company, for Rs 10,220 crore. The firm owned 74.55% equity in the company as of March, according to BSE shareholding data.

On the other hand, SBI Mutual Fund acquired 16.58 crore shares or 3.6% equity for Rs 1,882 crore. Kotak Mahindra Mutual Fund bought 7.95 crore shares or 1.72% equity for Rs 902 crore and HDFC Mutual Fund bought 1.63% equity for Rs 811 crore.

The shares were traded at an average price of Rs 113.5 apiece. The lockup period for the offloaded shares will be 150 days.

Vishal Mega Mart share price settled 4% higher at Rs 130 apiece on the NSE, compared to 0.4% decline in the benchmark Nifty 50. The stock has risen 12% in the last 12 months and 18% so far this year.

Out of the nine analysts tracking Vishal Mega Mart, seven recommend a 'buy', one recommends a 'hold' and one 'sell'. Morgan Stanley has the most bullish target at Rs 161, while Bernstein has a bearish view with a Rs 90 target.