Shares of Avenue Supermarts, operator of supermarket chain D-Mart, fell 2.53% to end at Rs 2340.50 after the company's offer for sale (OFS) received good participation from the retail investors on Monday.
Promoters Radhakishan Damani, Gopikishan Damani, Shrikantadevi Damani and Kirandevi Damani offered to sell a total of 1.48 crore shares, or 2.28% stake, through the OFS. The floor price for the OFS was set at Rs 2,049 each. The company had set aside 14,80,000 shares of retail investors and 1,33,20,000 shares for non retail investors.The OFS opened on Friday (14 February 2020) for institutional investors. On that day, the OFS received subscription for 4,53,20,852 shares or 340% against the non-retail offer size of 1,33,20,000 shares.
The OFS re-opened on Monday (17 February) for retail investors and non-retail investors who chose to carry forward their bids. On Monday, the OFS received total cummulative (retail/non retail) bids for 65,54,550 shares or 442.88% against the retail segment offer size of 14,80,000 shares. The retail portion received bids for 14,52,914 shares or 98% against the retail segment offer size of 14,80,000 shares.
The company promoters are reducing their stake to meet Sebi's requirements on the minimum public shareholding. As on 31 December 2019, promoters held 79.73% stake in the company.
On a consolidated basis, Avenue Supermarts' net profit jumped 55.3% to Rs 384.04 crore on a 24.4% rise in net sales to Rs 6808.93 crore in Q3 December 2019 over Q3 December 2018.
Avenue Supermarts owns and operates D-Mart stores. D-Mart is a national supermarket chain that offers customers a range of home and personal products under one roof.
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