Home >Market >Stock-market-news >Radhakishan Damani sells 1% stake in Avenue Supermarts
Avenue Supermarts shares closed 3.34% higher at Rs1,404.20, in a firm Mumbai market. Photo: Mint
Avenue Supermarts shares closed 3.34% higher at Rs1,404.20, in a firm Mumbai market. Photo: Mint

Radhakishan Damani sells 1% stake in Avenue Supermarts

Damani sold a total of 6.24 million shares of Avenue Supermarts between 21-24 May

New Delhi: Promoter Radhakishan Damani sold 6.2 million shares, or 1%, of Avenue Supermarts Ltd this week, according to a plan that was announced last week, the company said in a BSE filing.

On 18 May, Avenue Supermarts, the parent of retail chain D-Mart, had said Damani would sell 1% in the firm, or 6.2 million shares, to ensure the firm gradually moves to meet the minimum public shareholding norms. The 1% stake sale in the D-Mart parent by Damani was to take place between 21 May and 14 June.

Damani sold a total of 6.24 million shares of Avenue Supermarts between 21-24 May, the company said.

On Thursday, Avenue Supermarts shares closed 3.34% higher at Rs1,404.20, in a firm Mumbai market. The stock is up almost fivefold from its offer price, after making its debut in March 2017.

At the end of March, promoters held a total of an 82.2% stake, while the public held 17.8% stake. Of this, Damani held the most— 39.41% stake—while his brother, Gopikishan Damani, had a 8.17% shareholding.

Under rules prescribed by the Securities and Exchange Board of India, a publicly listed firm is required to maintain a minimum public shareholding of 25%. The listed companies have to ensure the minimum public shareholding in three years from the time of listing.

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