**DMart Sees Singapore Government, ICICI Prudential MF As Top Investors In Rs 4,100-Crore QIP Issue**
Avenue Supermarts Ltd. allotted more than 5 percent of equity shares offered in its recently concluded qualified institutional placement issue to ICICI Prudential Bluechip Mutual Fund, the Government of Singapore, Lone Cypress Ltd. and EuroPacific Growth Fund.
The board of the operator of DMart supermarket chain today approved the issue and allotment of 2 crore equity shares with a face value of Rs 10 each to eligible qualified institutional buyers at the issue price of Rs 2,049 apiece, according to an exchange filing. That aggregated to Rs 4,098 crore.
Damani has been selling his stake in Avenue Supermarts to comply with the Securities and Exchange Board of India’s requirement of lowering promoter holding to 75 percent. That has been a major overhang for the company’s stock.
During the quarter ended December, the billionaire investor had pared stake in the supermarket chain operator by 48 basis points. As of December 2019, promoters held 79.73 percent in the company. Stakes held by domestic mutual funds and foreign institutional investors stood at nearly 4.17 percent and 6.21 percent, respectively.