Avenue Supermarts promoters to sell shares via OFS

The shares will be sold at a floor price of Rs2,049, a 19.5% discount to the closing price of Rs2,544.15 on Thursday.

Feb 14, 2020 03:02 IST India Infoline News Service

Avenue Supermarts Ltd (DMart) on Thursday said its promoters will sell up to a 2.28% stake through an offer for sale (OFS) that will fetch as much as Rs3,032.5cr.

Promoters Radhakishan Damani, Gopikishan Damani, Shrikantadevi Damani and Kirandevi Damani will offload a total of 14.8 million shares through the share sale, the company said in a regulatory filing on Thursday post market hours.

The shares will be sold at a floor price of Rs2,049, a 19.5% discount to the closing price of Rs2,544.15 on Thursday.

The OFS will open on Friday for institutional investors, while retail investors will be able to subscribe on Monday.

Axis Capital and BofA Securities are advising DMart on the share sale.

The QIP saw the participation of several marquee investors, including the Government of Singapore, Europacific Growth Fund, Lone Pine Capital, and ICICI Prudential Mutual Fund.

Stock view:
Avenue Supermarts Ltd ended at Rs2,542.30, up by Rs60.7 or 2.45% from its previous closing of Rs2,481.60 on the BSE.

The scrip opened at Rs2,481.60 and touched a high and low of Rs2,559 and Rs2,444.40 respectively.

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