Kotak reduces stake in V-Mart Retail

Kotak Mahindra (International) Ltd has reduced its stake in V-Mart Retail Ltd by 5.54 per cent, selling over 10 lakh shares in the open market for an estimated Rs 51 crore.

Kotak Mahindra (International) Ltd, which had 9.43 per cent stake earlier, brought down its shareholding in the company to 3.88 per cent on May 18, V-Mart Retail said in a filing to the BSE.

Based on the weighted average price of V-Mart Retail’s stock on May 18, the transaction is estimated to be Rs 50.69 crore.

V-Mart Retail stock closed at Rs 515 apiece on BSE.