Home Food Avenue Supermarts’ promoter Damani sells shares worth Rs 643 cr

Avenue Supermarts’ promoter Damani sells shares worth Rs 643 cr

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’ billionaire promoter has sold 47.30 lakh shares of the company for over Rs 643 crore, through an open market transaction.

Avenue Supermarts' promoter Damani sells shares worth Rs 643 cr
Avenue Supermarts' billionaire promoter Radhakishan Shivkishan Damani has sold 47.30 lakh shares of the company for over Rs 643 crore, through an open market transaction

According to the bulk deal data available with BSE, Damani offloaded 47.30 lakh shares, amounting to 0.76 percent stake in Avenue Supermarts, which operates D-Mart stores, PTI reported.

According to a PTI report: The shares were disposed of at an average price of Rs 1,360.2, valuing the transaction at Rs 643.37 crore, the data showed.

At the end of March quarter of 2017-18, Damani held about 24.60 crore shares or 39.41 percent stake in Avenue Supermarts.

The buyer(s) of the shares could not be ascertained immediately.

Damani, a low profile investor, made his way into the billionaire list and among the top 20 richest Indians, with a blockbuster listing of Avenue Supermarts last year.

Last week, the company informed stock exchanges that Damani would sell the equity shares of the firm in order to comply with the requirements of minimum public shareholding.

As per Sebi norms, every listed firm needs to maintain a public shareholding of at least 25 percent.