Promoter Radhakishan Damani will sell up to 1 percent stake in open market.
Retail chain Avenue Supermarts share price fell 5.24 percent to close at Rs 1,416.85 Friday as promoter Radhakishan Damani will sell up to 1 percent stake in open market.
"Promoter Radhakishan Shivkishan Damani has conveyed his intention to sell the equity shares of the company to comply with the requirements of minimum public shareholding," the company said.
Up to 1 percent of the total paid up equity share capital of the company aggregating to 6,240,844 shares is proposed to be divested by him, it added.
The divestment process will be completed during May 21 to June 14, 2018 or the actual date of completion of sale of all equity shares, whichever is earlier.Promoter including Radhakishan Shivkishan Damani held 82.20 percent stake in the company as of March 31, 2018.