Promoters of Avenue Supermarts Ltd, which runs the supermarket chain DMart, has sold up to a 2.28% stake through an offer for sale (OFS)..Pursuant to the Sale, the Sellers cumulatively sold a total of 14,800,000 Equity Shares (constituting 2.28% of the paid-up share capital of the Company) for Rs. 3,400 crore.The floor price for the purpose of the Sale was Rs. 2,049.00 per Equity Share. The Sale was carried out on price priority basis at multiple clearing prices..Cyril Amarchand Mangaldas acted for the Sellers - Radhakishan S. Damani, Gopikishan S. Damani, Shrikantadevi R.Damani and Kirandevi G. Damani.The CAM team was led by Partners Yash Ashar and Abhinav Kumar..IndusLaw acted as Indian Counsel for the Brokers - Kotak Securities, Axis Capital, DSP Merrill Lynch Limited, HSBC Securities and Capital Markets (India), IDFC Securities, J. P. Morgan India and JM Financial Institutional Securities Limited and for the Advisor - JM Financial Limited.The IndusLaw team was led by Partner Ravi Dubey along with Associates Anshul Roy and Radhika Pandey.Herbert Smith Freehills acted as International legal counsel for the Brokers and the Advisor and the team was led by Partner Siddhartha Sivaramakrishnan..Follow Bar and Bench channel on WhatsAppDownload the Bar and Bench Mobile app for instant access to the latest legal news.
