Apart from running their businesses, many Indian businessmen invest in other companies to grow their wealth. They sold stakes in such companies, making a huge profit. One such person, who is called India's retail king, has earned Rs 4.39 crore in one go after selling his stake in VST Industries. His name is Radhakishan Damani, founder and promoter of DMart.
The 69-year-old billionaire has offloaded 1 lakh shares or 0.65 per cent stake in tobacco firm VST Industries. The shares were disposed of at an average price of Rs 439.05 apiece, taking the deal value to Rs 4.39 crore. He sold shares to investors including Reliance Mutual Fund through an open market transaction.
After the share sale, Damani's holding in VST Industries has come down to 2.82 per cent from 3.47 per cent. Damani is among the richest businessmen in India with a real-time net worth of USD 23.5 billion or Rs 196569 crore, as per Forbes. He also holds a stake in cement producer India Cements. He became India's retail king after the March 2017 IPO of his supermarket chain Avenue Supermarts.
The man got into retailing in 2002 with one store in suburban Mumbai and has grown into a chain selling everything from grocery to apparel to footwear. His property portfolio includes the 156-room Radisson Blu Resort in Alibag, close to Mumbai. He was a mentor to the late billionaire investor Rakesh Jhunjhunwala.
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