Avenue Supermarts has invested an amount of Rs 174.99 crore by subscribing to 4,67,78,000 equity shares of Rs 10 each of Avenue E-Commerce (AEL), a subsidiary of the Company at an issue price of Rs 37.41 per share (including a premium of Rs 27.41 per share). These funds shall be utilised by AEL towards its operational, working capital and capex requirements. The company’s shareholding post transaction is 99.74%.
AEL was incorporated on November 11, 2014 and is engaged in the business of online and multi-channel grocery retail under the brand name ‘DMart Ready’.
Avenue Supermarts is a Mumbai-based company, which owns and operates D-Mart stores. D-Mart is an emerging national supermarket chain that offers customers a range of home and personal products under one roof.
