MUMBAI, Feb. 27 -- Fashion-focused hypermarket chain Vishal Mega Mart Ltd is set for a secondary market sale of shares representing a 6.5% stake in the company.

Promoter entity Samayat Services LLP, backed by Kedaara Capital, is expected to sell up to 305 million shares at Rs.115 each today, according to a term sheet reviewed by Mint. At this price, the block would be valued at Rs.3,508 crore.

As of December-end, Samayat held a 54.09% stake in Vishal Mega Mart. The block deal pricing reflects a roughly 10% discount to the stock's previous close. On Thursday, shares of the Gurugram-based retailer ended at Rs.127.53, up 3.7% in a largely flat market.

Kotak Securities Ltd and Morgan Stanley India Co are advising on the proposed block trad...