Avenue Supermarkets promoter sells stake in Trent

Promoter of Avenue Supermarkets, Radhakishan Damani and persons acting in concert (PACs), have sold over 28.22 lakh shares in Tata’s retail arm Trent for an estimated sum of over ₹202 crore, reports Live Mint.

As per regulatory filing, Radhakishan Damani, Kirandevi G Damani, Jyoti Kabra, Bright Star Investments Damani Estates and Finance, Derive Investments and Derive Trading and Resorts Pvt Ltd, sold 28,22,516 shares in the open market.

The shares were sold on basis of weighted average price of the stock at Rs 717.92 apiece, the transaction is estimated at Rs 202.63 crore.

Last month, Trent had reported a consolidated net loss of Rs 78.56 crore and revenue from operations stood at Rs 585.37 crore for the second quarter ended September 30, 2020. The company operates stores across four formats including Westside which offers an exclusive range of its own branded fashion apparel and is the mainstay of the retailing business of the company.

The second retail format Zudio offers affordable fashion through its 20 stores across 12 cities. Star-the fresh food and grocery retail chain, operates 26 supermarkets and 10 hypermarkets and Landmark, a family entertainment concept, operates through five independent stores and retailed through select Westside locations.