Wasatch Advisors buy stake worth Rs 88 crore in V-Mart Retail

By

Maverick Martins

Published
Jul 26, 2018

Wasatch Advisors has bought an additional 2 percent stake in V-Mart Retail by buying 3.68 lakh shares from the open market for around Rs 88 crore ($12.9 million).
 

The recent purchase of shares increases Wasatch Advisors overall stake in the value fashion and lifestyle products retailer V-Mart Retail to 7.04 percent.
 
Wasatch Advisors, which had 5.01 per cent stake earlier, increased its shareholding in the company to 7.04 per cent by buying shares on July 24 from the open market, V-Mart said in a regulatory filing to BSE.

The 3.68 lakh shares were purchased at an average price of V-Mart Retail's stock on July 24 at Rs 2,392.10 apiece, which takes the transaction value to Rs 88.23 crore.
 
The acquisition of the additional 2 percent stake comes immediately after V-Mart Retail Ltd’s impressive results in the first quarter of the financial year. V-Mart witnessed an 11 percent surge in net profit to Rs 25 crore ($3.6 million) for the first quarter with net sales of Rs 362 crore.
 
V-Mart is expected to pump in Rs 300 crore on expansion across India as it looks to treble revenue to Rs 3,500 crore, making it a safe bet for investors.
 
V-Mart is endorsed by Bollywood actors Ayushmann Khurrana and Bhumi Pednekar and currently operates about 179 outlets in 14 states in India.