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DMart’s Radhakishan Damani to sell 1% stake

In another filing, Avenue said it has issued a commercial paper worth Rs 50 crore.

ETMarkets.com|
Last Updated: Aug 06, 2019, 08.10 PM IST
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Radhakishan-Damani--BCCL-12
NEW DELHI: Avenue Supermarts, which owns and operates D-Mart hypermarkets, on Tuesday said its promoter Radhakishan Damani will sell 6.23 million shares or 0.998 per cent of the total share capital of the company.

Damani will be selling the shares in the open market to meet minimum public shareholding rule.

“The period of the sale will be from August 8 to September 14 or the actual date of completion of sale of all equity shares,” the company said in a regulatory filing.

In another filing, Avenue said it has issued a commercial paper worth Rs 50 crore.

Mumbai-based Avenue Supermarts last month had posted a 31.83 per cent year-on-year (YoY) jump in consolidated profit at Rs 323 crore for the June quarter compared with Rs 245 crore in the same quarter last year.

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