Promoters Radhakishan Damani, Gopikishan Damani, Shrikantadevi Damani and Kirandevi Damani offered to sell a total of 1.48 crore shares, or 2.28% stake, through an OFS. The floor price for the OFS was set at Rs 2,049 each, a 19.5% discount to the closing price of Rs 2,544.15 on Thursday.

The OFS opened on Friday (14 February 2020) for institutional investors, while retail investors will be able to subscribe on Monday (17 February 2020). The company has set aside 14,80,000 shares of retail investors and 1,33,20,000 shares for non retail investors.

As on 15.30 IST on Friday, the OFS received subscription for 4,53,20,852 shares or 340% against the non-retail offer size of 1,33,20,000 shares.

The company is reducing the stake to meet Sebi's requirements on the minimum public shareholding requirement. As on 31 December 2019, promoters held 79.73% stake in the company.

On a consolidated basis, Avenue Supermarts' net profit jumped 55.3% to Rs 384.04 crore on a 24.4% rise in net sales to Rs 6808.93 crore in Q3 December 2019 over Q3 December 2018.

Avenue Supermarts owns and operates D-Mart stores. D-Mart is a national supermarket chain that offers customers a range of home and personal products under one roof.