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

Shares of Avenue Supermarts, the dad or mum corporation of supermarket chain D-Mart, slipped around 5 per cent on Friday immediately after the corporation declared its promoters will offload 2.28 per cent stake (fourteen.eight million shares) by means of the supply for sale (OFS) route on Friday.

The base rate for the share sale has been established at Rs 2,049, a lower price of 19.4 per cent to the present market rate. At the base rate, the promoters of the corporation will be equipped to mop up around Rs 3,000 crore. Among the advertising promoters are Radhakishan Damani, Gopikishan Damani, Shrikantadevi Damani, and Kirandevi Damani.

The stock, even so, pared some of its morning losses to trade around 2 per cent lessen at Rs 2,483 apiece on the BSE at 09:43 am. In comparison, the S&P BSE Sensex was investing about half a per cent increased at 41,636 stages.

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