IPO rewards D-Mart employees with Rs 2,800 cr

MUMBAI: Radhakishan Damani, the promoter of Avenue Supermarts that runs D-Mart retail stores, on Tuesday made several of his employees rupee millionaires after the company listed at Rs 604 and closed the session at 641, up more than 114% on its IPO price.

D-Mart's employees together hold about 7% of the company, currently worth about Rs 2,800 crore.

Among its employees, Ignatius Navil Noronha, the company's MD, is worth nearly Rs 900 crore, while Ramakant Baheti, its chief financial officer, is worth over Rs 200 crore from the 31.75 lakh shares that he holds in the company, the company's IPO prospectus showed.

The 43-year-old Baheti, a commerce graduate from Maharishi Dayanand Sarswati University, Ajmer, and a chartered accountant, has 19 years of experience in finance. Prior to joining D-Mart, he was with Bright Star, a company promoted by the Damanis. He has also worked with Damani Share & Stock Brokers, the stock broking arm of Damanis.