Promoter of Avenue Supermarts, Radhakishan Damani, and persons acting in concert (PACs), have trimmed their stake in Tata Group’s retail arm Trent by selling over 28.22 lakh shares in the open market for an estimated sum of over Rs 202 crore.
As per regulatory filing, Radhakishan Damani, Kirandevi G Damani, Jyoti Kabra, Bright Star Investments Pvt Ltd, Damani Estates and Finance Pvt Ltd, Derive Investments and Derive Trading and Resorts Pvt Ltd, sold 28,22,516 shares in the open market.
The shares were sold on November 27, 2020, and, based on the weighted average price of the stock at Rs 717.92 apiece, the transaction is estimated at Rs 202.63 crore.
Radhakishan Damani and persons acting in concert, held 3.87 per cent stake in Trent earlier. It has now come down to 3.08 per cent.
As per PTI, Trent had reported a consolidated net loss of Rs 78.56 crore in October and revenue from operations stood at Rs 585.37 crore for the second quarter ended September 30, 2020.