Indian private equity firm Kedaara Capital is set to reduce its shareholding in Vishal Mega Mart Ltd. via open market transactions on Tuesday.
Promoter Samayat Services LLP has offered to sell 45.9 crore shares or 10% equity via block trade mechanism, according to the term sheet accessed by NDTV Profit. The firm set floor price at Rs 112 apiece, a 12% discount to last close price on NSE.
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At this price, the deal is valued at Rs 5,057 crore.
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Samayat Services held a 74.55% equity in Vishal Mega Mart as of March, as per shareholding data on the exchanges.
The lockup period for the offloaded shares will be 150 days.
Vishal Mega Mart share price settled 1% higher at Rs 125 apiece on the NSE, compared to 1% higher 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.
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