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Monday, February 6, 2017

Avenue Supermarts Limited which runs the famous chain store D-Mart, is planning to raise around Rs.1,870 crore through its IPO. The opening date for Avenue Supermarts IPO is fixed at March 8, 2017

Avenue Supermarts, which opened its first D-Mart store in Mumbai in 2002, had 112 stores as of September 2016, covering an area of 3.4 million sq. ft across 41 cities in Maharashtra, Gujarat, Telangana, Karnataka, Andhra Pradesh, Madhya Pradesh, Chhattisgarh and the National Capital Region

It will use around Rs.1,080 crore from the proceeds of the initial share sale to repay debt, according to its DRHP. The company also plans to spend Rs.366 crore to open new stores.

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