Radhakishan Damani now worth more than Anil Ambani, Adi Godrej as D-Mart listing bolsters wealth - Hindustan Times
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Radhakishan Damani now worth more than Anil Ambani, Adi Godrej as D-Mart listing bolsters wealth

Livemint | ByNasrin Sultana, Sapna Agarwal, Ami Shah
Mar 22, 2017 11:54 AM IST

The stellar rise in share prices of D-Mart parent Avenue Supermarts also boosts other holdings of Radhakishan Damani such as VST Industries.

The listing of Avenue Supermarts Ltd, the parent of retailer D-Mart, lived up to its hype, adding to the Midas-like reputation of its founder Radhakishan Damani. Its shares opened 102% higher than the issue price, before closing the day at Rs 640.75 apiece, up 114.3%. At the end of trading, D-Mart became India’s most valuable listed retailer and helped the Damani family barrel past Anil Ambani, Ajay Piramal and Adi Godrej in the country’s billionaire rankings.

D-Mart shares at Rs640.75 apiece at Tuesday’s close increased the net worth of Radhakishan Damani’s family to $5.03 billion. The Damani family owns 82% stake in Avenue Supermarts.(Livemint)
D-Mart shares at Rs640.75 apiece at Tuesday’s close increased the net worth of Radhakishan Damani’s family to $5.03 billion. The Damani family owns 82% stake in Avenue Supermarts.(Livemint)

Read | RK Damani-led D-Mart stocks register over 100% returns on listing day

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The effect of the stellar listing was such that other stocks where Damani has significant holdings (either through investment firms or his brother Gopikishan Damani) also rose on a day when the broader market closed 0.11% down.

For instance, shares of VST Industries, where Damani owns 25.95% through his firm Bright Star Investments Pvt. Ltd, jumped as high as 9.9% on Tuesday before closing 3.8% higher. Apart from VST, Damani owns stakes of at least 1% in 16 other firms across sectors such as cements, television and logistics.

Read the full report here.

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