Lalit Agarwal boosts indirect stake in V-Mart Retail via debenture transfer

On December 11, 2025, Lalit Agarwal disclosed an indirect acquisition of 19,733,161 compulsory convertible debentures of Conquest Business Service Pvt. Ltd. (CBSPL), V-Mart's promoter company. This transaction was an inter-se transfer of debentures among immediate relatives, exempt under Regulation 10(1)(a)(i) of the SEBI Takeover Regulations, 2011. The acquisition was conducted without consideration through an off-market transaction on December 10, 2025.

Prior to the transfer, Lalit Agarwal held 81,002,204 debentures, representing 57.09% of CBSPL’s total debentures, while Madan Gopal Agarwal held 19,733,161 debentures (13.91%). Following the transfer, Lalit Agarwal’s debenture holding in CBSPL increased to 100,735,365, raising his share to 71.00%, with Madan Gopal Agarwal’s holding being fully transferred.

This change reflects an adjustment in indirect control over the 29,962,692 equity shares held by CBSPL in V-Mart Retail Limited, which represents 37.74% of V-Mart’s equity holding. The total equity share capital of V-Mart Retail before and after the acquisition remains 79,439,025.