Avenue Supermarts surges 5%, hits new high post Rs 4,000 crore QIP launch

Shares of Avenue Supermarts, which operates supermarket chain DMart, rallied 5 per cent to Rs 2,361, also its new high on the BSE on Thursday, after its board approved the launch of a qualified institutional placement (QIP) by the promoters.

The stock was trading higher for the fourth straight day, thus gaining 14 per cent during the period, against a 4 per cent rise in the S&P BSE Sensex.

Avenue Supermarts on Wednesday informed the stock exchanges that it launched a qualified institutional placement (QIP) by offering 20 million equity shares at Rs 1,999.04 per share.

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