D-Mart's Radhakishan Damani pips Lakshmi Mittal to become India's 5th-richest 

D-Mart's Radhakishan Damani pips Lakshmi Mittal to become India's 5th richest 

New Delhi: Avenue Supermarts’ founder Radhakishan Damani on Friday become the fifth richest individual in India. Damani pipped Steel Magnate Lakshmi Mittal and is now India's fifth-richest with a net worth of $13.30 billion. The surge in his net worth is due to the ongoing rally in the stock price of D-Mart's promoter firm. 

On February 14 (Friday), Damani's total net worth stood at $13.30 billion, higher than Mittal’s $13.10 billion, Gautam Adani's $10.9 billion and Sunil Mittal's $9.62 billion. It is worth mentioning that Avenue Supermarts' shares scaled a fresh all-time high of Rs 2,559 on Thursday (February 13) after the company announced a share sale for institutional investors on February 5.

Rising Wealth:

It was only on February 11 that Damani became India's sixth-richest person with a net worth of $11.9 billion after the firm's stock price then hit an all-time high.

It is worth mentioning that the billionaire is planning to sell a 5.2% stake in Avenue Supermarkets. Bank of America Corp. and Kotak Mahindra Capital Co. are reportedly among banks that Damani picked for another planned stake sale in Avenue Supermarts Ltd. Last year, Damani sold about 1% stake and planned to sell more shares before the end of March this year to meet a minimum requirement for a public float.

Stakeholding in Avenue Supermarts :

Note that Damani owns 37.19% stake or 23.34 crore shares in Avenue Supermarts. His wife Shrikantadevi Radhakishan Damani holds 3.54% stake and his brother Gopikishan Shivkishan Damani owns 8.12% stake in the firm.

On Monday, when the company's share price hit Rs 2,537, rising 11% on BSE. It became the 18th most valuable company on BSE in terms of market capitalisation. Its market capitalisation then stood at Rs 1,55,948.65 crore on BSE. It surpassed Nestle India and Bajaj Finserv which were on 19th and 20th positions, respectively.

World ranking:

Damani is ranked as the 110th richest person in the world. It may shock you a little to know that Damani's net worth is equivalent of 0.5% of India’s GDP.