Promoters of Avenue Supermarts, parent company of D-mart, may offload around 5.20 per cent stake via block deal in order to meet the minimum shareholding limit, a media report suggested
“Avenue Supermarts promoters to sell around 3 crore shares or 5.20 per cent stake via block deal,” ETNOW reported quoting sources.
The stake sale is being undertaken to comply with the minimum public shareholding (MPS) norms, the report said, adding that the block deal is likely to be around Rs 1,700-1,775 per share.
Promoters had 80.21 per cent stake in the company as of September 2019, while public shareholding stood at 19.79 per cent.
Promoter Radhakishan Damani had earlier sold 0.98 per cent stake in the company on August 9 last year.
In 2010, the market regulator Securities and Exchange Board of India (Sebi) had given listed firms three years to meet the 25 per cent MPS norm. Shares of Avenue Supermarts had made a robust debut on bourses in March 2017.