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RK Damani Purchases 2.22 lakh Shares, Increasing His Ownership by 1.44%

One of the richest people in India, billionaire Radhakishan Damani, increased his ownership of Hyderabad-based VST Industries to little more than 32% on Tuesday by purchasing more than 2.22 lakh shares of the company.

According to sources citing data from the Bombay Stock Exchange (BSE), Damani purchased shares at an average price of ₹3390 per share through his investment vehicles Derive Trading and Bright Star. As a result, the founder and owner of D-Mart now owns 1.44% more of the company overall (32.14%).

In addition to Damani, the State Bank of India Mutual Fund (SBIMF) also purchased 2.25 lakh shares at an average price of ₹3390 per share from VST Industries.

Damani’s Avenue Supermarts, the parent company of the D-Mart retail chain, reportedly revealed in an exchange filing on Tuesday that its stand-alone revenue for the quarter ended December 2023 was ₹13,247.33 crore, up 17.19% from ₹11,304.58 crore in the same quarter the previous year. These reports are based on certain sources.

However, Avenue Supermarts stated in the filing that its statutory auditors will be doing a “limited review” of the $13,247.33 in revenue.

The corporation also stated that as of December 31, 2023, there were 341 D-Mart retail locations nationwide.

D-Mart retail chain emerged very successful during the most challenging period of COVID-19, by providing all the basic necessities to the people, efficiently. D-Mart is known for providing wide range of groceries, household utilities, garments, footwear and many more

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