DMart Founder Radhakishan Damani Is Now The Second Richest In India

According to Forbes' "Real-Time Billionaires" list, that measures the wealth of rich individuals around the globe in real-time, DMart founders "Radhakishan Damani & Family" were listed as the second richest in India with a net worth of $17.8 billion on Saturday.

The high ranking is maintained even after the Damani family were listed as the biggest wealth losers for the day (lost $999 million or 5.31 percent) as shares of Avenue Supermarts (promoter company of DMart) closed 6.44 percent lower on Friday.

Mukesh Ambani remains the richest person in India and the fourteen richest in the world with a net worth of $57.4 billion.

Meanwhile, Radhakishan Damani & Family rank 68th richest on the world billionaire index on Saturday.

The Damani family includes Radhakishan Damani, Gopikishan S Damani, Shrikantadevi R Damani and Kirandevi G Damani, all promoters of Avenue Supermarts, who saw their wealth surge after the company's stock touched a new lifetime high of Rs 2,560 on 13 February.

Its market capitalisation surpassed Nestle and Bajaj Finserv to become the country's 18th most valuable listed company by market cap.

The surge comes after its qualified institutional placement (QIP), where shares worth Rs 4,098 crore were sold to institutional investors that included Lone Cypress Ltd, Government of Singapore, Europacific Growth Fund and ICICI Prudential Bluechip Fund.

Further, 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.

The share sale offerings are aimed at reducing promoter stake to SEBI's norms on minimum public shareholding, which mandate companies to reduce promoter shareholding to 75 percent within three years of listing.

DMart, which was listed in March 2017, has to meet the deadline by next month.

Listed at a market cap of Rs 39,388 crore and the stock has rallied almost 300 percent in value since.