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.Get access to India's fastest growing financial subscriptions service Moneycontrol Pro for as little as Rs 599 for first year. Use the code "GETPRO". Moneycontrol Pro offers you all the information you need for wealth creation including actionable investment ideas, independent research and insights & analysis For more information, check out the Moneycontrol website or mobile app.