retail chain operator Avenue Supermarts’ market capitalisation on Monday crossed Rs 1.5-trillion mark following an 8.6 per cent surge in its stock price.
The Radhakishan Damani-promoted company is now more valuable than Nestlé India and Bajaj Finserv, according to the BSE data. Shares of the company ended at Rs 2,484.
Meanwhile, Avenue Supermarts
said it had fixed the price for its qualified institutional placement (QIP) at Rs 2,049 per share.
The company issued 20 million new shares under the QIP programme to raise nearly Rs 4,100 crore.
Investment bankers said the share sale garnered huge response from investors. Following the QIP, the promoter stake in the company will decline by about 2.8 per cent. The promoters could be required to dilute another 1.9 per cent before March 20 to comply with the 25 per cent minimum public shareholding norms.