Avenue Supermarts gains after public holding rises to 25%

Avenue Supermarts (DMart) rose 0.94% to Rs 2387.45 after the company said its promoters sold 2.28% stake through the recently concluded offer for sale (OFS).

Promoters of DMart viz. Radhakishan Damani, Gopikishan Damani, Shrikantadevi Damani and Kirandevi Damani sold a total of 1.48 crore shares, or 2.28% stake, through an OFS which opened on Friday (14 February 2020) and closed on Monday (17 February 2020).

Consequently, the promoter's stake in DMart stands reduced at 74.99% as on 18 February 2020 from 79.73% as on 31 December 2019. The company is now compliant with the Sebi requirements, which mandates minimum public shareholding of 25%.

On a consolidated basis, Avenue Supermarts' net profit jumped 55.3% to Rs 384.04 crore on a 24.4% rise in net sales to Rs 6808.93 crore in Q3 December 2019 over Q3 December 2018.

Avenue Supermarts owns and operates D-Mart stores. D-Mart is a national supermarket chain that offers customers a range of home and personal products under one roof.

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