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DMart OFS: Retail quota subscribed 98%

Non-retail segment of the issue that opened on Friday was subscribed 3.4 times, receiving subscription for 4,53,20,852 shares against the non-retail offer size of 1,33,20,000 shares.

ETMarkets.com|
Last Updated: Feb 17, 2020, 04.06 PM IST
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D-Mart---BCCL
The company, which owns supermarket chain DMart, is reducing the stake to meet Sebi’s requirements on the minimum public shareholding requirement.
NEW DELHI: The offer for sale (OFS) by Avenue Supermarts, which opened for retail investors on Monday, received subscription for 14,52,914 shares or 0.98 per cent against the offer size of 14,80,000 shares.

Non-retail segment of the issue that opened on Friday was subscribed 3.4 times, receiving subscription for 4,53,20,852 shares against the non-retail offer size of 1,33,20,000 shares. Non-retail investors who choose to carry forward their bids are also allowed to bid on Monday.

Cut off Price for retail bids has been fixed at Rs 2,316 based on the clearing price of non-retail bids. As per SEBI OFS Guidelines, retail bids below the cut-off price shall not be eligible for allocation.

Clearing price is the lowest price at which an OFS issue gets subscribed. This price is separately displayed for retail and non-retail categories.

At 3.30 pm, the scrip was trading 2.53 per cent lower at Rs 2,340.

Clearing price is the lowest price at which an OFS issue gets subscribed. This price is separately displayed for retail and non-retail categories.

The scrip closed 2.53 per cent lower at Rs 2,340.50 on BSE.

Radhakishan Damani and other promoters of Avenue Supermarts are selling 2.28 per cent stake or 1.5 crore shares of the company in a Rs 3,500-crore deal.

The company, which owns supermarket chain DMart, is reducing the stake to meet Sebi’s requirements on the minimum public shareholding requirement.

At the end of this exercise, the promoters’ stake in the company will come down to 75 per cent from 79 per cent.

Earlier this month, Avenue Supermarts sold 2 crore shares at an issue price of Rs 2,049, reducing promoters’ stake to 77.27 per cent. It had been 79.73 per cent as of December 2019.

Avenue Supermarts shares have surged 730 per cent from its IPO price of Rs 299 in March 2017.
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