DMart Founder Radhakishan Damani Becomes India’s 5th Richest; Beats Lakshmi Mittal

Thanks to the relentless rise in the share value of DMart's promoter firm-Avenue Supermarts, founder Radhakishan Damani has now become the fifth richest man in India. According to an Economic Times report, Damani's total net worth stood at $13.30 billion on 14 February, more than Lakshmi Mittal's $13.10 billion, Gautam Adani's $10.9 billion and Sunil Mittal's $9.62 billion.

On 10 February, shares of Avenue Supermarts touched its all-time high of Rs 2,560 on completing its qualified institutional placement (QIP). Its market capitalisation surpassed Nestle and Bajaj Finserv to become the country's 18th most valuable listed company by market cap.

DMart shares were listed at a market cap of Rs 39,388 crore and the stock has rallied almost 300% in value since, to hit its new high this week.

Shares worth Rs 4,098 crore were sold to institutional investors through the QIP route that included Lone Cypress Ltd, Government of Singapore, Europacific Growth Fund and ICICI Prudential Bluechip Fund.

As an extension to its promoter stake sale to meet SEBI norms the company in its stock exchange filing on Thursday said that its promoters will be selling up to 2.28 percent stake through an offer for sale (OFS) on 14 and 17 February.