Damani sold 40 lakh shares of Avenue at Rs 1,404.10 per share, as per bulk deals data available on the BSE on August 9
Avenue Supermarts, the operator of D-Mart retail chain August 9 said Founder Radhakishan Shivkishan Damani has completed the sale of 0.998 percent stake in the open market to adhere to minimum public shareholding norms.
The stock closed at Rs 1,452.85, up to Rs 22.55, or 1.58 percent on the BSE on Friday.
"Promoter, Radhakishan Shivkishan Damani, has completed the sale of 62.3 lakh equity shares of the company (constituting 0.998 percent of the paid-up equity share capital), on August 9, in compliance with the requirements of SEBI regulations in the process of achieving minimum public shareholding," the company said in its BSE filing.
As per the minimum public shareholding rule, every company has to have at least 25 percent public shareholding.
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