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Radhakishan Damani

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Radhakishan Damani
Personal details
Born (1955-07-12) 12 July 1955 (age 69)[1]
Bikaner, India
Children3[2]
Residence(s)Altamount Road, Mumbai[3]
OccupationBusinessman, investor[4]
Known forFounder of DMart

Radhakishan Shivkishan Damani is an Indian billionaire investor,[5] business magnate and the founder of DMart.[6] He also manages his portfolio through his Investment firm, Bright Star Investments Limited. On 19 August 2021, he was ranked #98 richest person in the world by Bloomberg Billionaire Index.[7]

Career

Radhakishan Shivkishan Damani[8] was raised in a Maheshwari Marwari family in single room apartment in Mumbai. He studied commerce at the University of Mumbai but dropped out after one year. After the death of his father who worked on Dalal Street, Damani left his ball bearing business and became a stock market broker and investor.[9][10][11] He made profits by short-selling stocks that were inflated by illegal means by Harshad Mehta in the 1990s.[12] Damani was reportedly the largest individual shareholder of HDFC Bank after it went public in 1995.[13] In the year 1992, after the Harshad Mehta Scam came to limelight, he saw a major rise in his income due to the short-selling profits during the time. In 1999, he operated a franchise of Apna Bazaar, a cooperative department store, in Nerul, but was "unconvinced" by its business model.[14][15] He quit stock market in 2000 to start his own hypermarket chain, DMart, setting up the first store in Powai in 2002. The chain had 25 stores in 2010, post-which the company grew rapidly and went public in 2017.[13][16][17]

Today he has 234 DMart stores across India.[18] Damani keeps a low profile and rarely gives any interviews. He has also taught his Stock Trading Techniques to Indian Billionaire Rakesh Jhunjhunwala.[citation needed]

In 2020, he became the fourth-richest Indian with a net worth of $16.5 billion. He was ranked #117 on the global list of billionaires.[19][20] He was ranked #87 on the global list (Forbes) of billionaires 2022 with a net worth of $18.9 billion.[citation needed]

Investments

Damani also holds stakes in a range of companies, from tobacco firm VST industries to cement producer India Cements. Damani picked up a 1% stake in Andhra Paper.[21] Damani also picked up 15% stake in India cements in May 2020 taking his investment in India Cements to 19.89%.[22] Damani publicly holds 6 stocks in his investment portfolio and total value of his stock portfolio is approx Rs 1,02,077cr (Approx US$13 Billion) in 2021.[23]

Personal life

He is married and has three children.[20]

References

  1. ^ "Meet rahu Jhunjunwala's guru - India's second richest after Mukesh Ambani". Business Today. Retrieved 11 May 2020.
  2. ^ "Radhakishan Damani & family". Forbes. Retrieved 11 May 2020.
  3. ^ "Radhakishan Damani: His journey from Dalal Street punter, to long-term investor, to entrepreneur LOLOO". Economic Times. Retrieved 11 May 2020.
  4. ^ "D-Mart's Radhakishan Damani now 2nd richest Indian after RIL's Mukesh Ambani". Financial Express. Retrieved 11 May 2020.
  5. ^ "Radhakishan Damani adds shares of two more companies to portfolio". The Hindu BusinessLine. 14 July 2020. Retrieved 20 May 2021.{{cite web}}: CS1 maint: url-status (link)
  6. ^ Kumar, Raj (2 November 2021). "Radhakishan Damani Portfolio June 2020". We Invest Smart. Retrieved 4 July 2020.{{cite web}}: CS1 maint: url-status (link)
  7. ^ Kamath, Raghavendra; Coutinho, Ashley (19 August 2021). "D-Mart owner Radhakishan Damani enters top 100 global billionaires' club". Business Standard India. Retrieved 19 August 2021.
  8. ^ DRAFT LETTER OF OFFER - SEBI
  9. ^ "Radhakishan Damani quiet as ever after stellar D-Mart listing". Mint. Retrieved 11 May 2020.
  10. ^ "The rise of DMart's Radhakishan Damani, who got richer during lockdown". Business Standard. Retrieved 11 May 2020.
  11. ^ "Radhakishan Damani, the only Indian tycoon to get richer under lockdown". Economic Times. Retrieved 11 May 2020.
  12. ^ "Of D-Mart's IPO and the legend of Radhakishan Damani". Business Standard. Retrieved 11 May 2020.
  13. ^ a b "The silent giant of the stock market". Rediff. Retrieved 11 May 2020.
  14. ^ "Make Way For The New King of Retail". Outlook Business. Retrieved 11 May 2020.
  15. ^ "Exiting a business one has nurtured is always painful, says former DMart co-promoter Ashok Maheshwari". Economic Times. Retrieved 11 May 2020.
  16. ^ "The businessman who got richer during the lockdown". Rediff.
  17. ^ "This is how Radhakishan Damani became India's second richest person". GQ India. Retrieved 11 May 2020.
  18. ^ "Top 100 entrepreneurs in India". Startup. 22 June 2021.{{cite web}}: CS1 maint: url-status (link)
  19. ^ "Forbes' richest list: India ranks third among countries with most billionaires". The Indian Express. 8 April 2021.
  20. ^ a b "Radhakishan Damani & family". Forbes.
  21. ^ "Debt free! Andhra Paper in focus as SBI MF, Damani take stakes". The Economic Times. 30 June 2020. Retrieved 4 July 2020.
  22. ^ "Damanis pick over 15% stake in India Cements in March quarter; shares jump 16%". The Economic Times. 15 May 2020. Retrieved 4 July 2020.
  23. ^ "RADHAKISHAN DAMANI's shareholdings and portfolio as on March 31, 2021". trendlyne.com. Retrieved 20 May 2021.
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