DMart promoter Radhakishan Damani is now India’s second richest billionaire

DMart promoter Radhakishan Damani is now India’s second richest billionaire

Avenue Supermarts founder and DMart promoter Radhakishan Damani is now India’s second richest billionaire with a wealth of $17.9 billion, the Forbes Real Times Billionaires Index showed.

Damani is now second only to Reliance Industries Chairman Mukesh Ambani, who is also the richest person in Asia.

Damani and family, which includes Radhakishan Damani, Gopikishan S Damani, Shrikantadevi R Damani and Kirandevi G Damani are promoters of Avenue Supermarts. They saw their wealth upsurge by close to $96 million as Avenue Supermarts' shares peaked at Rs 2,559 apiece on February 13.

The shares climbed after the company on February 5 approved the launch of a qualified institutional placement (QIP) to the tune of 20,000,000 shares, which would translate in an issue size of around Rs 4,000 crore at current market prices.