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Wasatch Advisors increases stake in V-Mart to 7.04%

27
Jul '18
Courtesy: Artem Bali from Pexels
Courtesy: Artem Bali from Pexels
Wasatch Advisors, a US-based research-driven, employee-owned firm with 18 mutual fund offerings, has increased its share in V-Mart Retail to 7.04 per cent from the earlier 5.01 per cent. Wasatch has bought shares from open market on July 24 at an estimated value of ₹88.23 crore. V-Mart currently operates about 180 outlets in 14 states in India.

V-Mart is a value fashion and lifestyle products retailer and primarily operates in tier-2, tier-3 and tier-4 cities of India. Three-fourths of V-Mart stores are located in four states — Uttar Pradesh, Uttarakhand, Jharkhand and Bihar.

Last month, the company announced that it plans to treble its turnover to ₹3,500 crore and double its store count in the next five years by investing ₹300 crore. It will fund the expansion through internal accruals.

In 2017-18, the company had reported a revenue of over ₹1,200 crore. (RKS)

Fibre2Fashion News Desk – India


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