The stake sale process will start from August 8 to September 14 or the actual date of completion of sale of all equity shares, it added.
D-Mart operator Avenue Supermarts, on August 6, said promoter Radhakishan Shivkishan Damani would gradually cut stake by 0.998 percent starting August 8, 2019.
The stake sale by the promoter is to comply with the minimum public shareholding norms.
"Damani proposes to divest up to 0.998 percent of the total paid-up equity share capital of the company aggregating to 62.3 lakh shares," the company said in its BSE filing.
The stake will be trimmed between August 8 to September 14 or the actual date of completion of the sale of all equity shares, it added.
Damani said he or any persons belonging to the promoter and promoter group, would not buy any equity shares in the open market on the dates on which the equity shares of Avenue Supermarts are being sold by him.
Promoter and promoter group held 81.20 percent stake in the company as of June 2019, including Radhakishan Shivkishan Damani who himself directly has 38.41 percent shareholding.
In a separate filing, Avenue said it has issued commercial paper of Rs 50 crore.The stock closed at Rs 1,489.75, up Rs 1.10, or 0.07 percent on the BSE at 1730 hours IST. It gained 19 percent in the last three months.Subscribe to Moneycontrol Pro and gain access to curated markets data, trading recommendations, equity analysis, investment ideas, insights from market gurus and much more. Get Moneycontrol PRO for 1 year at price of 3 months at 289. Use code FREEDOM.