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Friday, 07 February 2020
BENGALURU: Avenue, owner of the DMart supermarket chain on Wednesday launched a qualified institutional placement to raise up to 4 billion rupees. The shares rose 4.4% to Rs 2249 in the BSE Surpassing the sensex that closed 0.9% higher at 41143.
Avenue Supermarts informed BSE on Wednesday that the company board of directors had approved the issuance of 2 crore shares at a minimum price of Rs 1999. The QIP may allow a 5% discount.
After the QIP, the participation of the promoter Radhakrishan Damani will be reduced to 75% of 79% to comply with the Sebi guidelines on minimum public participation. For the third quarter, Avenue Supermarts reported a profit of Rs 394 million rupees, an increase of 55% year-over-year due to the decrease after the government cut in corporate taxes last year
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