FMR LLC and FIL and their subsidiaries have reduced stake in retail chain V-mart Retail by 2.43 per cent, selling 4.39 lakh shares in the market. FMR LLC and FIL and their subsidiaries, which had 5.40 per cent stake earlier, brought down its shareholding in the company to 2.97 per cent by selling shares on July 20.
Based on weighted average price of the stock on July 20 at Rs 1,145.71 apiece, the transaction is estimated to have valued at Rs 50.38 crore.
V-Mart Retail is one of the pioneers in setting up stores across various small Indian towns and cities. The company primarily operates in Tier-II and Tier-III cities, with a chain of ‘value retail’ departmental stores offering apparels, general merchandise and kirana, catering to the entire family.
