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Last Updated : Feb 13, 2020 12:13 PM IST | Source: Moneycontrol.com

Avenue Supermarts gains 3% on report of a likely OFS issue

The OFS is likely to open for institutions & HNIs on February 14 and for retail on February 17, the report said.


Shares of D-Mart operator Avenue Supermarts gained nearly 3 percent intraday on February 13 after a media report indicated that an offer for sale issue is likely to open later this week.

The stock has been on buyers' radar amid strong response from investors for its QIP issue, rallying 30 percent in last 15 days. In fact, it turned multibagger in last nine months by showing 100 percent return. It was quoting at Rs 2,504, up Rs 22.40, or 0.90 percent on the BSE at 1134 hours IST.

Avenue Supermarts may announce its offer for sale (OFS) later today, reports CNBC-TV18 quoting unnamed sources.

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The OFS is likely to open for institutions & HNIs on February 14 and for retail on February 17, the report said.

But Avenue Supermarts offered no comment on query sent by CNBC-TV18.

Earlier this week, Avenue Supermarts already raised Rs 4,098 crore by offering 2 crore shares via its qualified institutional placement.

The promoters have been selling their stake through OFS and QIP as they have to comply with minimum shareholding norms and to bring down the stake to 75 percent by March 31, 2020.

After recent QIP, promoters' stake in Avenue Supermarts declined from 79.7 percent in December 2019 to 77.3 percent.

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First Published on Feb 13, 2020 12:13 pm
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