After catapulting Avenue Supermarts founder Radhakishan Damani to the second spot of the wealth table in India, the DMart stock show has made its CEO Navil Noronha the wealthiest non-promoter CEO in the country. According to a report by The Economic Times, Noronha has pipped the likes of HDFC MD & CEO Aditya Puri and Tech Mahindra's C.P. Gurnani to end at the top of the richest professionals table in India, based on the stock of the companies they lead.
Thanks to the stock rally that has surged over 700 per cent since its listing in March 2017, Noronha's net worth is currently around Rs 3,100 crore from the shares of Avenue Supermarts alone. According to the same list compiled by Bloomberg, DMart CFO Ramakant Baheti, with shares worth Rs 666 crore, is now India’s third-richest on the list of top professionals. It is to be noted that the calculation has not taken into account salary and other compensation elements of the professionals.
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As DMart continues its dream run in the stock market, it is churning out rich in the country. Founder Radhakishan Damani, with a net worth of $17.6 billion, is the second richest in India, behind Mukesh Ambani.
To meet minimum shareholding norms, the retailer raised made a qualified institutional placement (QIP) earlier this month and raised Rs 4,098 crore, which was followed by an offer for sale (OFS) for 2.28 per cent stake by promoters, which is still under way.
DMart shares closed at Rs 2,365 in the NSE on Tuesday.
