Avenue Supermarts Limited (BSE:540376) said its promoters will sell up to a 2.28% stake through an offer for sale (OFS) that will fetch as much as $426 million. Promoters Radhakishan Damani, Gopikishan Damani, Shrikantadevi Damani and Kirandevi Damani will offload a total of 14.8 million shares through the share sale, Avenue Supermarts said in a regulatory filing. The shares will be sold at a floor price of INR 2,049, a 19.5% discount to the closing price of INR 2,544.15 on February 13, 2020. The OFS will open on February 14, 2020 for institutional investors, while retail investors will be able to subscribe on February 17, 2020. Axis Capital Limited and BofA Securities, Inc. are advising DMart on the share sale.
Avenue Supermarts Limited is an India-based company, which is engaged in the business of organized retail and operating supermarkets under the D-Mart brand name. DMart is a supermarket chain that offers customers a range of products with a focus on the foods, non-foods fast-moving consumer goods (FMCG) and general merchandise and apparel product categories. Each DMart store stocks home utility products, including food, toiletries, beauty products, garments, kitchenware, bed and bath linen, home appliances and others. The Company offers its products under various categories, such as bed and bath, dairy and frozen, fruits and vegetables, crockery, toys and games, kidsâ apparel, ladiesâ garments, apparel for men, home and personal care, daily essentials, grocery, and staples. DMart operates approximately 324 stores and has a presence across Maharashtra, Gujarat, Andhra Pradesh, Madhya Pradesh, Karnataka, Telangana, and Chhattisgarh.