Avenue Supermart founder Radhakishan Damani is now the second richest Indian after leaving behind heavyweight names such as philanthropist Shiv Nadar, banker Uday Kotak, and industrialists Gautam Adani and Lakshmi Mittal. With a total wealth of $17.9 billion, according to Forbes’ Real Time Billionaires’ Index, investor and retailer Radhakishan Damani is just behind Reliance Industries Ltd. chairman Mukesh Ambani, who is not only India’s but Asia’s richest man. Radhakishan Damani and family saw an upsurge in their wealth by about $96 million, an increase by 0.54%, on Friday. On the other hand, Mukesh Ambani has a total net worth of $57.9 billion.

Shares of Avenue Supermarts hit an all time high at Rs 2,559 apiece on February 13 on BSE. The company had announced a share sale for institutional investors on February 5. Its promoters had also said that they will sell up to a 2.28% stake through an offer for sale (OFS). The same is expected to bring as much as Rs 3,032.5 crore to Avenue Supermarts. In a BSE filing, the company said four of the company’s promoters viz Radhakishan Damani, Gopikishan S Damani, Shrikantadevi R Damani and Kirandevi G Damani will divest a total of 1.48 crore shares through the share sale and they will be sold at a floor price of Rs 2,049. However, after the announcement that Damani family is looking to offload its stake, DMart’s share prices witnessed a slee.

The OFS opens for retail investors on February 17, Monday and for non-retail investors, it has opened on February 14, Friday. Avenue Supermarts was listed in 2017. While its initial m-cap stood at Rs 39,988 crore, the same has ballooned to Rs 1.58 lakh crore.

One of the most profitable grocery retail chains in India, Avenue Supermarts has 196 stores in the country.