Avenue Supermarts Limited , the parent company of DMart retail chain, has announced the opening of a new store in Anantapur, Andhra Pradesh, marking a significant milestone in its expansion strategy. The company, known for its popular DMart stores, has now reached a total of 430 stores across India.

Expansion in Southern India

The new store represents Avenue Supermarts' continued focus on expanding its presence in southern India. Anantapur, a city in Andhra Pradesh, is the latest addition to the company's growing network of retail outlets.

Official Announcement

In an official communication to the BSE Limited and the National Stock Exchange of India Ltd., Avenue Supermarts stated:

"This is to inform you that the Company has opened a new store at Anantapur (Andhra Pradesh) today. The total number of stores as on date stands at 430."

The statement was signed by Ashu Gupta, Company Secretary & Compliance Officer of Avenue Supermarts Limited.

Strategic Growth

The opening of the Anantapur store aligns with Avenue Supermarts' strategy of steady expansion across various regions in India. This move is expected to strengthen the company's market position and increase its accessibility to customers in Andhra Pradesh.

Impact on Retail Landscape

As Avenue Supermarts continues to grow its store count, it reinforces its position as one of the leading players in India's organized retail sector. The expansion to 430 stores demonstrates the company's commitment to reaching more consumers and potentially capturing a larger market share in the competitive retail industry.

The new store in Anantapur is likely to offer the signature DMart shopping experience, known for its wide range of products at competitive prices, potentially benefiting local consumers and contributing to the local economy.

Investors and market watchers will be keen to observe how this expansion contributes to Avenue Supermarts' overall performance and market presence in the coming quarters.

Avenue Supermarts DMart , the parent company of DMart retail chain, has announced the complete utilization of its Qualified Institutional Placement (QIP) proceeds as of March 31, 2024. The company confirmed that there were no deviations from the original stated objectives for the funds raised.

QIP Proceeds and Utilization

The retail giant successfully raised Rs. 4,078.00 crores (net of QIP expenses) through the placement. The funds were earmarked for various strategic purposes, including:

• Augmenting long-term resources for future expansion
• Store network growth
• Enhancing supply chain efficiency
• Warehousing improvements
• Land acquisition
• General corporate purposes
• Working capital requirements
• Strategic investments and acquisitions
• Repayment of outstanding debt

Compliance and Reporting

Ashu Gupta, the Company Secretary of Avenue Supermarts, submitted a NIL deviation statement for the quarter ended March 31, 2024. This statement confirms that the company has adhered to its commitment and utilized the funds as initially planned, without any alterations to the stated objectives.

Significance of the Announcement

The full utilization of QIP proceeds and the absence of any deviations underscore Avenue Supermarts' commitment to transparency and efficient capital allocation. This development is likely to be viewed positively by investors and stakeholders, as it demonstrates the company's ability to execute its growth plans and strategic initiatives as outlined during the QIP.

The successful deployment of funds across various areas of the business, including expansion, supply chain improvements, and potential strategic acquisitions, positions Avenue Supermarts to strengthen its market presence and operational efficiency in the competitive retail sector.

As the retail landscape continues to evolve, the strategic use of these funds may play a crucial role in DMart's future growth trajectory and its ability to meet the changing demands of the Indian consumer market.