RadhaKishan Damani, who is an active promoter of the supermarket company, Avenue Supermarket, has recently sold a 1 per cent stake in D-Mart, according to a media report.
Damani sold a little more than 6.23 million Avenue Supermart shares via multiple block deals and open market transactions, D-Mart told the regulatory body, as reported by the daily news, VC Circle.
The company has not provided the deets of the transaction. However, according to the cited media report, the shares that were sold amounted to be INR 1,404.10 each.
This will raise Damanis affluence around INR 874.75 crore before accounting the transaction costs and statutory imposes comprising 10 per cent long-term capital gains tax, according to the cited media report.
The company has sold the stake to conform with SEBIs regulations which set out that promoters, as well as promoter cohorts, should have a maximal 75 per cent stake in the listed companies. In the previous month, these regulations were revised as the finance minister, Nirmala suggested to decrease the promoters holding to 65 per cent.
Following this transaction, the promoter and promoter cohorts holding will leap down in Avenue Supermarkets to 80.2 per cent. Further, Damanis holdings will decrease to 37.41 per cent.
In the previous year, Damani had sold a 1 per cent stake in the firm to comply with SEBI norms. Then, he took home about INR 848.75 crore.