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With not even half of RIL’s Mukesh Ambani’s wealth, Radhakishan Damani India’s 2nd richest person

FE Online

Radhakishan Damani, who is the founder of grocery chain Avenue Supermart, is the second richest person in India and has a net worth less than even half of RIL chairman Mukesh Ambani's total riches. According to Forbes' Real-Time Billionaires' Index, investor Radhakishan Damani has a total worth of $17.5 billion while India's richest person Mukesh Ambani's wealth is more than double this number at $57.5 billion. The retail mogul had recently left behind billionaire industrialist Shiv Nadar to become the country's second-richest man and is now also ahead of other heavyweights such Uday Kotak, Gautam Adani and Lakshmi Mittal. 

Radhakishan Damani and family saw a slip in their wealth on Monday. According to Forbes' Real Time Billionaires' Index, they lost about $290 million, a drop of 1.63%. On the other hand, Mukesh Ambani's total worth surged by $109 million on Monday. 

Last week, shares of Avenue Supermarts hit an all-time high at Rs 2,543 apiece on the Bombay Stock Exchange. The shares of the company were trading at Rs 2,363.50 apiece, down by 1.86% on intraday trade at 11.30 am. 

DMart had recently announced a share sale for institutional investors on 5 February 2020 and its promoters had also said that they will divest up to a 2.28% of their stake through an offer for sale (OFS). Via OFS, DMart is expected to raise about Rs 3,032.5 crore. Four of the company's promoters — Radhakishan Damani, Gopikishan S Damani, Shrikantadevi R Damani and Kirandevi G Damani will sell a total of 1.48 crore shares at a floor price of Rs 2,049, the company announced in a BSE filing recently. 

The OFS opens for retail investors today i.e 17 February 2020. For non-retail investors, it has already opened on 14 February 2020. The company was listed in 2017.