The move follows RK Damani’s Rs 90-crore pre-IPO investment; Moneycontrol was the first to report on SBI MF’s planned investment earlier this month.
The investments come through a secondary share purchase ahead of Lenskart’s SEBI-approved IPO, which includes a Rs 2,150-crore fresh issue and an offer for sale by existing shareholders.
Damani’s portfolio fell by 20 percent, declining from Rs 2 lakh crore in December 2023 to Rs 1.63 lakh crore. The drop is on account of a correction in Avenue Supermarts stock price and reduced holdings in VST Industries.
Data compiled by Moneycontrol shows that Damani, along with his relatives and investment companies, has been consistently increasing his stake in the cement major over the years with his total acquisition price expected to be in the range of Rs 600-700 crore.
As of April 28, 2022, Radhakishan Damani individually holds 3,51,32,665 equity shares in India Cements. The cumulative holding of the family stands at 6,44,98,180 shares. This stake is worth Rs 1,335 crore.
According to the company's most recent regulatory filing, the investor purchased around 12,000 equity shares of VST Industries between January and March.
"RBI has given me the assurance that they are comfortable with performance of the bank," RBL Bank interim CEO Rajeev Ahuja told CNBC-TV18.
The central bank is in the process of examining the request, CNBC TV 18 reported.
"The (recent) developments are not on account of asset quality, advances issues. The bank has the full support of the RBI," RBL Bank's interim CEO Rajeev Ahuja said.
Damani, who is also the founder of retail behemoth D-Mart, was reportedly planning to acquire a controlling stake in India Cements last year.
In a freewheeling podcast interview with Moneycontrol Editor Santosh Nair, legendary investor Ramesh Damani talks about his beginnings, his investing journey and what individual investors should do if they want to succeed in the market.
At USD 4.4 billion, D-Mart's RK Damani is now wealthier than prominent names such as Adi Godrej, Pawan Munjal, Nusli Wadia, Rahul Bajaj and Ajay Piramal on the Forbes list of the richest in India.
At Rs 295-299 per share, the Initial Public Offering of Avenue Supermarts - the parent of retail chain D-Mart - has been priced to perfection, according to Sanjiv Bhasin of IIFL.
A breakdown of Avenue Supermarts', promoted by Radhakishan Damani, issue details, company profile, financials, among others.
Sterling Holiday Resorts (India) touched an intraday high of Rs 99.80 and an intraday low of Rs 97. At 09:19 hrs the share was quoting at Rs 98.60, up Rs 5.35, or 5.74%.