The stake sale will be done between August 8 and September 14 or the actual date of completion of the sale of all equity shares.
Shares of D-Mart operator Avenue Supermarts slipped more than 2 percent in the early trade on August 7 on reports of promoter cutting their stake in the company.
The promoter Radhakishan Shivkishan Damani would gradually cut stake by 0.998 percent starting August 8, 2019, company said on August 6. The stake sale by the promoter is to comply with the minimum public shareholding norms.
“Damani proposes to divest up to 0.998 percent of the total paid-up equity share capital of the company aggregating to 62.3 lakh shares,” the company said in its BSE filing.
The stake sale will be done between August 8 and September 14 or the actual date of completion of the sale of all equity shares, it added.
Promoter and promoter group held 81.20 percent stake in the company as of June 2019, including Radhakishan Shivkishan Damani who himself directly has 38.41 percent shareholding.
At 0923 hours, Avenue Supermarts was quoting at Rs 1,471.85, down Rs 17.90, or 1.20 percent on the BSE.