DMart’s Radhakishan Damani to sell 1% stake

Radhakrishna Damani, one of the leading promoters of Avenue Supermarket Limited, which operates D-Mart retail malls, has sold a 1% stake. Damani, sold this stock on open market basis, he sold 62.3 lakh equity shares equal to 1 per cent in open market mode on August 9, at a price of Rs 1,404.10 per share at Rs 561.64 crore, according to BSE data.

 However, the name of the share buyer is unknown. The company said it had sold the stake to increase public equity in the company in accordance with the public shareholding rules. At the end of June quarter, Avenue Supermarket had a shareholding of promoters at 81.20 per cent, with Damani owning 38.41 per cent equivalent to 23 crore equity shares.

Shares of Avenue Supermarket settled at Rs 1,452.85, down 1.50 per cent at the close of the market on Friday. According to the budget proposed last month, each company should have a public share of 25 percent of its total stake.