Wasatch Advisors hikes stake in V-Mart Retail to 7.04%

Wasatch Advisors has hiked its stake in value fashion and lifestyle products retailer V-Mart Retail to 7.04 per cent by buying 3.68 lakh shares in the open market.

As per a regulatory filing to BSE, 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.

Based on average weighted price of V-Mart Retails's stock on July 24 at Rs 2,392.10 apiece, the transaction is estimated to be valued at Rs 88.23 crore.

During the first quarter for 2018-19, V-Mart reported 15 per cent increase in revenue to Rs 361.2 crore and 11 per cent rise in profit after tax at Rs 24.9 crore.

Last month V-Mart Retail said it plans to invest Rs 300 crore to double store count and treble its turnover to Rs 3,500 crore in the next five years.

V-Mart, which primarily operates in tier II, tier III and tier IV cities and follows a cluster-based model approach to expand, plans to add more than 200 stores in the next five years to create a network of 400 outlets. It currently operates about 180 outlets in 14 states in India