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

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

business Updated: Mar 22, 2017 11:54 IST
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.
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)

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.

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

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.