رادھاکیشن دامانی ایک بار پھر ڈی مارٹ والدین میں داؤ پر لگائے گا ، 5،870cr روپے بڑھ سکتا ہے: رپورٹ – منی کنٹرول

رادھاکیشن دامانی ایک بار پھر ڈی مارٹ والدین میں داؤ پر لگائے گا ، 5،870cr روپے بڑھ سکتا ہے: رپورٹ – منی کنٹرول


Translating…

Last Updated : Dec 07, 2019 10:19 AM IST | Source: Moneycontrol.com

Based on the closing price on December 6, this (5.2 percent stake) would be worth around $823 million.

Veteran investor Radhakishan Damani is all set for the next round of stake dilution in D-Mart operator Avenue Supermarts, has reportedly shortlisted Bank of America Corp and Kotak Mahindra Capital Co as bankers, according to an ET report quoting Bloomberg.

Avenue Supermarts is the owner of the DMart brand. Moneycontrol was the first to report on November 13 that DMart promoters planned to sell part stake in the company to meet regulatory requirements.

Damani is expected to sell around 5.2 percent of his holding in the retail chain by next year, sources additionally told Bloomberg. Based on the closing price on December 6, this (5.2 percent stake) would be worth around $823 million.

Moneycontrol could not independently verify the report.

In order to meet the minimum requirement for a public float, Damani has to sell more of his shares by March next year. He also sold around 1 percent of his stake in the chain earlier this year.

Damani and his associates hold 80.2 percent stake in total in the retail chain, as per data on the exchanges. As a result, public shareholding in the company is below the minimum requirement of 25 percent.

Are you happy with your current monthly income? Do you know you can double it without working extra hours or asking for a raise? Rahul Shah, one of the India’s leading expert on wealth building, has created a strategy which makes it possible… in just a short few years. You can know his secrets in his FREE video series airing between 12th to 17th December. You can reserve your free seat here.

First Published on Dec 6, 2019 10:28 pm