Avenue Supermarts promoter Damani to sell up to 1% stake in company

Radhakishan Damani, the billionaire investor and promoter of Avenue Supermarts which operates D-Mart stores, will sell up to 1% stake in the company for an estimated sum of over ₹888 crore. Damani will sell shares to comply with minimum public shareholding requirements.

“Radhakishan Shivkishan Damani, one of our promoters, has conveyed to us his intention to sell the equity shares...of the company to enable us to comply with the requirements of minimum public shareholding,” Avenue Supermarts said in a BSE filing.

The company said Damani has proposed to sell up to 1% of the total paid up equity share capital of the company aggregating to 62,40,844 shares. Based on current share price of Avenue Supermarts at ₹1,424 apiece, sale of 62,40,844 shares will be for an estimated sum of ₹888.69 crore.

Avenue Supermarts said share sale by Damani will be in the period beginning from May 21 to June 14 or the actual date of completion of sale of all equity shares, whichever is earlier.

Listed public sector companies have been provided additional time till August 21, 2018, to comply with the requirements.

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

NEWDELHI: