For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

Avenue Supermarts Shares Fall 4% As Promoters Sell Stake Via OFS

|

Shares of Avenue Supermarts Ltd, that runs supermarket chain DMart, declined as much as 4.4 percent to Rs 2,432 on Friday.

Avenue Supermarts Shares Fall 4% As Promoters Sell Stake Via OFS
 

On Thursday, the company in its stock exchange filing said that its promoters will be selling up to 2.28 percent stake through an offer for sale (OFS). Among sellers are Radhakishan S. Damani, Gopikishan S. Damani, Shrikantadevi R. Damani and Kirandevi G. Damani and have proposed to collectively sell up to 1,48,00,000 equity shares (2.28 percent of the total issued and paid-up equity share capital) on 14 and 17 February.

The sale for non-retail investors shall occur on 14 February 2020 during market hours and for retail investors on 17 February.

Axis Capital and BofA Securities are advisor on the share sale.

The promoter stake sale is an extension of the qualified institutional placement (QIP) that was launched by Avenue Supermarts on 5 February. Shares worth Rs 4,098 crore were sold to institutional investors that included Lone Cypress Ltd, Government of Singapore, Europacific Growth Fund and ICICI Prudential Bluechip Fund.

The share sale offerings are aimed at reducing promoter stake to SEBI's norms on minimum public shareholding, which mandate companies to reduce promoter shareholding to 75 percent within three years of listing.

DMart, which was listed in March 2017, has to meet the deadline by next month.

Post QIP, promoter stake in the company reduced to around 77.28 percent.

Read more about: avenue supermarts
Story first published: Friday, February 14, 2020, 10:51 [IST]
Company Search
Get Instant News Updates
Enable
x
Notification Settings X
Time Settings
Done
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more