Lalit Agarwal has Submitted to the Exchange a copy of Disclosure under Regulation 10 (5) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
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V-Mart Retail's promoter Lalit Agarwal has informed the exchanges about a proposed indirect acquisition in the company. He plans to acquire 13,908 equity shares and 1,97,33,161 compulsorily convertible debentures of Conquest Business Services Pvt. Ltd. (CBSPL), the promoter holding entity that owns 37.75% of V-Mart. The stake is being transferred by Madan Gopal Agarwal (an immediate relative) as a gift at no consideration, classified as an inter-se transfer among qualifying persons under Regulation 10(1)(a)(i). Post this transfer, Lalit Agarwal's holding in CBSPL will rise from 57.09% to 71.00%, consolidating promoter control. The transaction is exempt from any open offer obligation and is scheduled for on or after June 27, 2025, with shares also subject to a 3:1 bonus issue (record date June 23, 2025).
This is a promoter-family internal restructuring (a gift between relatives) with no change in the ultimate promoter group's combined stake in V-Mart and no cash impact, so it should be neutral for shareholders. No open offer is triggered, and Lalit Agarwal's direct holding in V-Mart stays unchanged at 6.43%.