MUMBAI: Fashion-focused hypermarket chain Vishal Mega Mart Ltd is set for a secondary market sale of shares representing a 6.5% stake in the company.
Promoter entity Samayat Services LLP, backed by Kedaara Capital, is expected to sell up to 305 million shares at ₹115 each today, according to a term sheet reviewed by mint. At this price, the block would be valued at ₹Rs 3,508 crore.
As of December-end, Samayat held a 54.09% stake in Vishal Mega Mart. The block deal pricing reflects a roughly 10% discount to the stock’s previous close. On Thursday, shares of the Gurugram-based retailer ended at ₹127.53, up 3.7% in a largely flat market.
Kotak Securities Ltd and Morgan Stanley India Co are advising on the proposed block trade. The offloaded shares will carry a proposed lockup period of 150 days.
The transaction represents another liquidity event for Samayat, originally backed by homegrown Kedaara Capital and Switzerland-based Partners Group, since the company’s blockbuster listing. The two acquired Vishal Mega Mart in 2018 from TPG Capital and Shriram Group for ₹5,000 crore, as per the term sheet.
The December 2024 IPO was a pure offer-for-sale, with Samayat offloading shares worth ₹8,000 crores. In June 2025, it again sold 900 million shares, representing a 19.6% stake, for ₹10,220 crores. Large fund houses participated, including SBI Mutual Fund (3.6% equity for ₹1,882 crore), Kotak Mahindra Mutual Fund (1.72% equity for ₹902 crore), and HDFC Mutual Fund (1.63% equity for ₹Rs 811 crore.
Prior to that block deal, Samayat held a 74.55% stake.
For the quarter ended December, Vishal Mega Mart reported a 17% year-on-year revenue growth to ₹Rs 3,670 crore. EBITDA rose 20% to ₹605 crore, with margins improving to 16.5% from 16.1% a year earlier. Net profit increased by 19% to ₹313 crores.
