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Radhakishan Damani to tap banks for $823-million DMart share sale

The share sale could come at a time when companies in India are battling weaker consumer demand as Asia's third-largest economy slows

Radhakishan Damani
Premium

Radhakishan Damani

Bloomberg
Bank of America Corp and Kotak Mahindra Capital Co are among banks Indian billionaire Radhakishan Damani picked for another planned stake sale in Avenue Supermarts Ltd, owner of the DMart brand, said people with knowledge of the matter.

Damani selected the banks as he prepares to pare his stake in India’s largest listed retail chain by selling about 5.2% next year, the people said, asking not to be identified as the discussions are private. Damani, who sold about 1% earlier this year, has to sell more shares before the end of March to meet a minimum requirement for public float,

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