(Image source from: economictimes.indiatimes.com)

Radhakishan Damani who is the founder of Avenue Supermarts has now become the fifth richest individual in India in the midst of the rally that has been ongoing in the stock price of D-Mart’s promoter firm. The total net worth of Damani is said to be at $13.30 billion on the 14th of February which is said to be higher than the total net worth of Lakshmi Mittal which is said to be around $13.10 billion and that of Gautam Adnani being $10.9 billion and the total net worth of Sunil Mittal was found out to be $9.62 billion.

The shares of the Avenue Supermarkets has scaled a fresh all-time high of Rs 2,559 on the 13th of February after an announcement has been made regarding share sale for institutional investors on the 5th of February.

The company has also said that its promoters will sell up to 2.28 per cent stake through a offer for sale (OFS) which is said to fetch as much as Rs 3,032.5 crore, as said on Thursday.

A total of 1.48 crore shares through the share sale will be offloaded by the promoters Radhakishan Damani, Gopikishan S Damani, Shrikantadevi R Damani and Kirandevi G Damani, as said by the company in the BSE filing. The shares are said to be sold at Rs 2,049.

It has been said that the OFS would open for the non- retail investors on the 14th of February while the retail investors can bid for it on the 17th of February on Monday.

The company has got listed on the 21st of March in the year 2017 at a market capitalization of Rs 39,988 crore which had later turned to be over Rs 1.60 lakh crore.

It has been said that the Avenue Supermarkets is the most profitable grocery retailer in India which offers low prices to the customers in all its stores which are said to be around 196 stores. The relentless focus in providing the lowest market prices has also helped the company drive industry- leading sales per square feet and also around 25 per cent RoCE.

By Shrithika Kushangi