V-Mart promoters announce internal share and CCD transfers

Lalit Agarwal and Madan Gopal Agarwal, promoters of V-Mart Retail, are undertaking a significant inter-se transfer of shares and Compulsory Convertible Debentures (CCDs) within the promoter group. Lalit Agarwal previously disclosed on June 20 and June 30, 2025, the execution of a Gift Deed on June 27, 2025, for the transfer of 13,908 equity shares and 1,97,33,161 CCDs of Conquest Business Service Pvt. Ltd. (CBSPL), a promoter company of V-Mart. While equity shares were transferred, the CCD transfer faced technical delays with ISIN, which has now been resolved.

Subsequently, on December 3, 2025, Madan Gopal Agarwal disclosed the acquisition of 1,97,33,161 CCDs from Madan Gopal Agarwal HUF, as part of an HUF partition, also without consideration through an off-market transaction. These transactions are exempt from open offer requirements under Regulation 10(1)(a)(i) of the Takeover Regulations, as they involve transfers among immediate relatives. Lalit Agarwal's indirect acquisition on or after December 10, 2025, will involve 13.91% of CBSPL's CCDs, which holds 37.74% in V-Mart.

These internal transfers consolidate control and holdings within the promoter family. Post-transfer, Lalit Agarwal will hold 71.00% of CBSPL's CCDs, increasing from 57.09%, while Madan Gopal Agarwal will hold 13.91% of CBSPL's CCDs. The total shares and voting capital of V-Mart Retail Limited remain unchanged at 7,93,73,804.