Wasatch Advisors will now enjoy an additional two per cent stake in Indian value fashion retailer V-Mart Retail after it bought 3.68 lakh shares valued at Rs 88.23 crore in the open market.
After the purchase done on July 24, Wasatch Advisors now owns stake of 7.04 per cent, up from 5.01 per cent, in V-Mart, as revealed in a BSE filing.
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.
The latest development has come close on the heels of V-Mart’s impressive results in first quarter ended June 2018. The company reported 11 per cent increase in net profit to Rs 25 crore in the first quarter.
The fashion retailer which majorly operates in tier II, tier III and tier IV cities unveiled its plan to make an investment of Rs 300 crore on its store expansion plan. The retailer is targeting to note turnover of Rs 3,500 crore in the next five years.
The value fashion retailer operates a total of 179 V-Mart stores in more than 15 lakh square feet area in 149 Indian cities.
The fashion brand is also considering adding 35 new stores by the end of current financial year.
