- Avenue Supermart CEO Radhakishan Damani is now the second-richest Indian after Shares of Avenue Supermart’s D’Mart jumped nearly 16% to ₹ 2,484 in the past 10 sessions.
Avenue Supermart CEO Radhakishan Damani is now the second-richest Indian after leaving behind heavyweight names like philanthropist Shiv Nadar, banker Uday Kotak, and industrialists Gautam Adani and Lakshmi Mittal,
With a total wealth of $17.9 billion, businessman and retailer Radhakishan Damani is just behind Reliance Industries Ltd. chairman Mukesh Ambani, who is not only the richest man in India but also Asia, according to Forbes ‘ Real-Time Billionaires List. Radhakishan Damani and his family saw a rise of about $96 million in their fortunes on Friday, an increase of 0.54 percent. Mukesh Ambani, by comparison, has a total net worth of $57.9 billion.
Avenue Supermarts shares reached an all-time high on BSE on February 13, at Rs 2,559 apiece. On February 5th, the company had reported a share sale to institutional investors. The backers have said they’re going to sell up to 2.28 percent of the stake through a sales offer (OFS). The same is expected to bring in Avenue Supermarts as much as Rs 3,032.5 crore. In a BSE filing, the company said four of the promoters of the company viz Radhakishan Damani, Gopikishan S Damani, Shrikantadevi R Damani, and Kirandevi G Damani will divest a total of 1,48 crore shares through the share sale and will be sold at a floor price of Rs 2,049.
The OFS opens on February 17, Monday for retail investors and it has opened on February 14, Friday for non-retail investors. Supermarts Avenue was listed in 2017. While its initial m-cap was at Rs 39,988 crore, Rs 1.58 lakh crore has been ballooning the same.
One of India’s most profitable retail grocery chains, Avenue Supermarts has 196 stores across the country.
Shares of Avenue Supermart’s D’Mart jumped nearly 16% to ₹ 2,484 in the past 10 sessions till 10th Feb. Since D’Mart’s listing, shares of the company have gone up by 280%
Avenue Supermart’s D’Mart chopped Nestle India to become the 18th most valued company by market cap. Avenue Supermart’s D’Mart shares stood at ₹15594865 crores on BSE. ₹ 61.79 crore is more than that of Nestle India’s shares – ₹ 155886.86 valuations.
For the quarter ended 31st December, Avenue Supermarts D’Mart reported a 53.3% year-on-year rise in standalone profit at ₹ 394 crores as compared with ₹ 257 crores last year.
With this achievement, D’Mart is the most profitable grocery retailer in India offering low prices to consumers through 196 stores spread across the country.