Avenue Supermarts slips 5% post OFS launch; promoters to offload 2.3% stake

Following this share sale, the company will become compliant with the 25 per cent public shareholding norms.

Shares of Avenue Supermarts, the parent company of supermarket chain D-Mart, slipped over 5 per cent on Friday after the company announced its promoters will offload 2.28 per cent stake (14.8 million shares) through the offer for sale (OFS) route on Friday.

The base price for the share sale has been set at Rs 2,049, a discount of 19.4 per cent to the current market price. At the base price, the promoters of the company will be able to mop up over Rs 3,000 crore. Among the selling promoters are Radhakishan Damani, Gopikishan Damani, Shrikantadevi Damani, and Kirandevi Damani.