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Published
Feb 4, 2021
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V-Mart Retail raises Rs 375 crore through qualified institutional buyers

Published
Feb 4, 2021

Value fashion and lifestyle business V-Mart Retail has raised Rs 374.99 crore ($56.37 million) by issuing shares to a set of investors through qualified institutional buyers.  

V-Mart's value winter fashion campaign - V-Mart- Facebook

 
On February 3, V-Mart Retail announced the results of the share issue it ran from January 28 to February 2, 2021. The announcement saw the business’ shares inch 0.25% higher on the Bombay Stock Exchange at Rs 2,458 apiece at the end of the day on Wednesday. 
 
“The board of directors of the company (Investment Committee) at its meeting... approved the issue and allotment of 15,30,612 equity shares face value of Rs 10 each to 30 qualified institutional buyers at the issue price of Rs 2,450 per equity share (including a premium of Rs 2,440 per equity Share), aggregating to Rs 374,99 crore,” wrote V-Mart in a regulatory filing, the Press Trust of India reported.

V-Mart recently released its winter menswear and womenswear collection featuring a wide array of outerwear and western wear designs. The collection’s new promotional campaign centres around value and V-Mart is advertising that the collection’s prices begin at Rs 249. 
 
At the end of January, V-Mart reported a drop in net profit of 18% year-on-year at the end of the financial quarter ending on December 31, 2020. The business reported a net profit of Rs 48 crore for the previous financial quarter compared to a net profit of Rs 58 crore for the corresponding period in the 2020 fiscal year.

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