Avenue Supermarts up 6% after block deals

The stock moved higher by 6% to Rs 1,437 on the BSE in noon deal trade on Thursday, after nearly one per cent or 5 million equity shares of the company changed hands through multiple block deals

Shares of Avenue Supermarts - the operators of retail chain D-Mart, have moved higher by 6% to Rs 1,437 on the BSE in noon deal trade on Thursday, after nearly one per cent or 5 million equity shares of the company changed hands through multiple block deals.

At 12:56 pm; the stock was trading 4% higher at Rs 1,417 on the BSE, as compared to 0.66% rise in the S&P BSE Sensex. 

Around 5.15 million equity shares representing 0.83% of total equity of Avenue Supermarts have changed hands on the counter, the BSE data shows. The name of the buyers not ascertained immediately.

On Friday, May 18, 2018,  Avenue Supermarts informed the stock exchanges that promoter Radhakishan Shivkishan Damani would pare his stake to comply with the shareholding norms.

Damani proposed to sell 6.24 million shares (about 1%) between May 21 and June 14 in the open market. As of March 2018, the total promoter holding in Avenue Supermarts was 82.2%, which needs to be brought down to at least 75% by March 2020. Damani in his personal capacity holds 39.41% stake in the company.

Damani has given an undertaking that he would not buy any equity shares when the open market share sale is underway.

Since May 18, shares of Avenue Supermarts had underperformed the market by falling 9% as compared to 2.3% decline in the S&P BSE Sensex till Wednesday.