Promoters seal Rp34bn Avenue Supermarts sell-down

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By Jonathan Breen
20 Feb 2020

Avenue Supermarts’ founder Radhakishan Damani and members of his family offloaded a portion of their shares in the company this week, raising more than Rp34.3bn ($478.1m). The deal came just days after the company issued a chunk of primary stock.

Avenue runs the popular Indian supermarket chain DMart. Veteran investor Damani sold 11.3m shares, while Gopikishan Damani offered 1.5m, and Shrikantadevi Damani and Kirandevi Damani sold 1m shares each. The offering represented 2.28% of the company’s outstanding capital.

The same syndicate from Avenue’s primary placement last week ran the ...

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