Avenue Supermarkets of D-Mart is on a roll today! The stock, which had closed yesterday at Rs.2249.30, opened today at Rs.2250.05 and went on to hit a new high at Rs.2360.75.

The stock price surged on its news of yesterday evening wherein it stated that the company is planning to raise Rs.3998 crore through its QIP placement, which has already opened today.

The company has issued up to Rs.2 crore shares at a floor price of Rs.1999.04/share, with the option of a 5% discount.

The aim of this QIP is to help dilute the promoters stake to comply with SEBI regulations of promoters stake not exceeding 75%.

This QIP will bring down Damani’s stake by 3.09% to 76.64% from the current stake of 79.93%.

FIIs currently hold 6.21% stake.