NEW DELHI: Avenue Supermarts founder Radhakishan Damani has become the fifth richest individual in India amid the ongoing rally in the stock price of D-Mart's promoter firm.
Damani's total net worth stood at $13.30 billion on February 14, higher than Lakshmi Mittals $13.10 billion, Gautam Adani's $10.9 billion and Sunil Mittal's $9.62 billion.Shares of Avenue Supermarts scaled a fresh all-time high of Rs 2,559 on February 10 after the company announced a share sale for institutional investors on February 5.
In another development, the company on Thursday said its promoters will sell up to a 2.28 per cent stake through an offer for sale (OFS) that will fetch as much as Rs 3,032.5 crore.Promoters Radhakishan Damani, Gopikishan S Damani, Shrikantadevi R Damani and Kirandevi G Damani will offload a total of 1.48 crore shares through the share sale, the company said in a BSE filing.
The shares will be sold at a floor price of Rs 2,049.The OFS opens for non-retail investors on February 14, while retail investors can bid for it on February 17, Monday.The company got listed on March 21, 2017 at a market capitalisation of Rs 39,988 crore, which has swelled to over Rs 1.60 lakh crore.Avenue Supermarts is the most profitable grocery retailer in India, offering low prices to customers through its 196 stores (7m sq ft).
Its relentless focus on providing the lowest market prices has helped the company drive industry-leading sales per sq ft (2-4x peers) and around 25 per cent RoCE.