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.