Any guess? Who is India’s second richest man after Mukesh Ambani?
It may surprise everyone that Avenue Supermart founder Radhakishan Damani is now the second richest Indian.
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Damani has left behind heavyweights like Gautam Adani, Lakshmi Mittal, Ratan Tata, Shiv Nadar, banker Uday Kotak, and Kumarmangalam Birla to find himself the second place.
With a total wealth of $17.9 billion (according to Forbes’ Real Time Billionaires’ Index), Radhakishan Damani is just behind Reliance Group chairman Mukesh Ambani.
Mukesh Ambani has a total net worth of $57.9 billion, while Radhakishan Damani and family saw an upsurge in their wealth by about $96 million, an increase by 0.54%, on Friday.
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Shares of Avenue Supermarts hit an all-time high at Rs 2,559 apiece on February 13 in Bombay Stock Exchange.
Avenue Supermarts on February 5 had announced a share sale for institutional investors. The company will sell up to a 2.28% stake through an offer for sale (OFS).
The OFS is expected to bring about Rs 3,032.5 crore to Avenue Supermarts, while the company decided to divest a total of 1.48 crore shares, and will be sold at a floor price of Rs 2,049.
The OFS will open for retail investors on February 17, and for non-retail investors, it opened on February 14.
Avenue Supermarts has 196 stores, and is one of the most profitable grocery retail chains in India.