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Avenue Supermarts Invests Additional INR1.50 Billion in Subsidiary Avenue E-Commerce

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Avenue Supermarts (NSE:DMART, BOM:540376) has invested an additional 1.50 billion Indian rupees in its subsidiary Avenue E-Commerce, according to a Monday filing to the Indian stock exchanges.

The company subscribed to around 43.3 million equity shares of 10 rupees each of Avenue E-Commerce at an issue price of 34.65 rupees per share, including a premium of 24.65 rupees.

With this investment, Avenue Supermarts' shareholding in the subsidiary has increased to 99.79% from 99.77%.

Avenue E-Commerce will use the funding for its operational, working capital, and capex requirements, the statement said.

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