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Avenue Supermarts collects Rs 4,098 crore through QIP issue

Avenue Supermarts QIP issue opened on February 5, 2020 and closed on February 10

twitter-logo BusinessToday.In        Last Updated: February 11, 2020  | 17:36 IST
Avenue Supermarts collects Rs 4,098 crore from QIP issue
Market capitalization of Avenue Supermarts crossed the Rs 1.50 lakh crore mark for the first time ever on Monday

Avenue Supermarts said on Wednesday it has collected Rs 4,098 crore from the recently concluded qualified institutional placement (QIP issue) from participants such as government of Singapore and ICICI Prudential Bluechip Fund among others. Avenue Supermarts, the promoter of retail store chain DMart, cleared the issue and allotment of 2 crore shares of face value Rs 10 each to eligible qualified institutional buyers at the issue price of Rs 2,049 per equity share. The QIP issue of Avenue Supermarts opened on February 5, 2020 and closed on February 10.

The firm said it has allotted over 5% of portion in QIP issue to Lone Cypress, government of Singapore, Europacific growth fund and ICICI Prudential Bluechip Fund. Market capitalization of Avenue Supermarts crossed the Rs 1.50 lakh crore mark for the first time ever on Monday. Avenue Supermarts share price rose 11% to hit its all-time high of Rs 2,537 per share.

Also read:Avenue Supermarts' Radhakishan Damani becomes India's 6th richest person

Avenue Supermarts became the 18th most valuable company on BSE in terms of market capitalisation. Avenue Supermarts' market capitalisation stood at Rs 1,55,948.65 crore on BSE.

 That catapulted Avenue Supermarts founder to the position of India's sixth richest person on Bloomberg Billionaires Index. Damani's net worth is now more than Gautam Adani ($10.8 billion) and Sunil Mittal ($9.6 billion).

The past year has been particularly good with Avenue Supermarts stock gaining 68.7%. In comparison, Sensex rose 12.13% during the period. The stock has gained 35.14% since the beginning of this year.

By Aseem Thapliyal

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