Vishal Mega Mart shares crash 8% amid ₹10,488 crore block deal; promoters likely sellers
Vishal Mega Mart block deal: Shares of diversified retailer Vishal Mega Mart plunged nearly 8% in the early morning trade on Tuesday, June 17, amid reports of a likely block deal on the counter, wherein equity worth ₹ 10,488 crore changed hands.
According to CNBC-TV18, 91 crore shares, or 19.82% equity, of Vishal Mega Mart, worth ₹ 10,488 crore, changed hands at ₹ 115 apiece via block deals, a 7.9% discount to the last closing price of ₹ 124.90.
The Vishal Mega Mart block deal was upsized from earlier, CNBC-TV18 reported. Earlier, promoters were likely to pare down their stake by selling a 10% stake to raise ₹ 5,057 crore. However, the deal size was raised, with promoters looking to sell nearly a 20% stake for ₹ 9,896 crore.
The mid-cap company's promoters are the latest to join the block deal trend that has been visible in the Indian stock market. A swift rebound in Indian equities saw proceeds from block trades and secondary offerings top $5 billion in May, the most since March 2024, according to a Bloomberg report.
(This is a developing story. Check back for updates.
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