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Radhakishan Damani, the billionaire investor and promoter of Avenue Supermarts which operates D-Mart stores, will sell up to 1 per cent stake in the company for an estimated sum of over Rs 888 crore.
Damani will sell shares to comply with the 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 today.
The company said Damani has proposed to sell up to 1 per cent of the total paid-up equity share capital of the company aggregating 62,40,844 shares. Based on the current share price of Avenue Supermarts at Rs 1,424 apiece, sale of 62,40,844 shares will be for an estimated sum of Rs 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.
As per SEBI norms, every listed firm would need to maintain a public shareholding of at least 25 per cent. Listed public sector companies have been provided additional time till 21 August, 2018, to comply with the requirements.
Low-profile investor Damani had made his way into the billionaire list and among the top 20 richest Indians with a blockbuster listing of Avenue Supermarts last year.
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