Avenue Supermarts' billionaire promoter Radhakishan Shivkishan Damani today sold 47.30 lakh shares of the company for over Rs 643 crore, through an open market transaction.
According to the bulk deal data available with BSE, Damani offloaded 47.30 lakh shares, amounting to 0.76 per cent stake in Avenue Supermarts, which operates D-Mart stores.
The shares were disposed of at an average price of Rs 1,360.2, valuing the transaction at Rs 643.37 crore, the data showed.
At the end of March quarter of 2017-18, Damani held about 24.60 crore shares or 39.41 per cent stake in Avenue Supermarts.
The buyer(s) of the shares could not be ascertained immediately.
Shares of Avenue Supermarts ended the day on BSE at Rs 1,404.20, up 3.34 per cent from the previous close.
Damani, a low profile investor, made his way into the billionaire list and among the top 20 richest Indians, with a blockbuster listing of Avenue Supermarts last year.
Last week, the company informed stock exchanges that Damani would sell the equity shares of the firm in order to comply with the requirements of minimum public shareholding.
As per Sebi norms, every listed firm needs to maintain a public shareholding of at least 25 per cent.
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