Avenue Supermarts extends gain as founder RK Damani completes 1% stake sale

The stock was up 5% to Rs 1,476, extending its Thursday's 3.3% gain on the BSE

Shares of Avenue Supermarts that runs the D-Mart retail stores was trading higher by 5% at Rs 1,476, extending its Thursday’s 3.3% gain on the BSE, after the founder Radhakishan Damani completed sale of 6.24 million shares, or 1%, of total equity of the company for achieving minimum public share holding.

“Radhakishan Shivkishan Damani has completed sale of 6.24 million equity shares of the Company, constituting 1% of the paid-up equity share capital of the Company, between May 21, 2018 and May 24, 2018,” Avenue Supermarts said in a BSE filing.

Post transaction, RK Damani holding in Avenue Supermarts reduced to 38.41% from 39.41%.

On Thursday, May 24, 2018, RK Damani had sold 4.73 million equity shares worth of Rs 6.43 billion through open market on the BSE. RK Damani sold these shares at an average market price of Rs 1,360.20 per share, the exchange data shows.

RK Damani had sold an additional 367,844 equity shares on Thursday for an undisclosed amount. Earlier, between May 21 and May 25, RK Damani offloaded 1.14 million shares, according to disclosures made by the company to stock exchange. CLICK HERE FOR FULL DETAILS

At 12:24 pm; the stock was trading 5% higher at Rs 1,473 on the BSE, as compared to 0.46% rise in the S&P BSE Sensex. A combined 1.73 million shares changed hands on the counter on the BSE and NSE so far.