Vishal Mega Mart shares may see further supply with a major deal in the offing: Exclusive

Shares of Vishal Mega Mart Ltd. could brace for more supply as another block deal is likely to take place in the stock, sources with knowledge of the matter told CNBC-TV18.

According to the sources, the company's promoter Kedaara Capital may be selling another 13% stake through this block deal.

The sources further said that Kedaara Capital is willing to offer a discount to sell its stake in Vishal Mega Mart.

As per the September quarter shareholding pattern, Kedaara Capital owns 54% stake in Vishal Mega Mart through a Special Purpose Vehicle Samayat Services.

In June this year, Kedaara Capital had sold 20% of its total holding in block deals that were valued at nearly ₹10,500 crore. Shares had changed hands at an average price of ₹115 per share. The stock is up 17% from those levels currently.

CNBC-TV18 has reached out to both Vishal Mega Mart and Kedaara Capital and is awaiting a response. The overhang of further promoter stake sale is something that many brokerages have also highlighted as a key risk factor for the stock.

Shares of Vishal Mega Mart have slipped into the red after the newsbreak, with the stock currently trading at the flat line at ₹133.48. The stock is down around 14% from its post-listing high of ₹157.