DMart share sale sees 3 times subscription, investors bid for 45 mn shares

The Avenue Supermarts’ offer for sale (OFS) garnered above 3x subscription on Friday. The OFS got bids for 45.3 million shares from institutional investors, as against 13.32 million shares on offer. Most bids came at Rs 2,258, 10 per cent above the base price of Rs 2,049. 

The stock fell 5.6 per cent to end at Rs 2,401 in secondary market trade. A further 1.5 million shares meant for retail investors will be auctioned on Monday. 

I-bankers said several foreign institutional investors and mutual funds subscribed for shares in the OFS. At Friday’s cut-off price, promoters led by Radhakishan Damani