Binny Bansal sells Flipkart shares worth Rs 530 crore to Walmart
PTI, Jun 25, 2019, 7:29 PM IST
New Delhi: Flipkart co-founder Binny Bansal has sold his shares worth over $76 million (about Rs 530 crore) in the Indian e-commerce major to US retail giant Walmart.
Bansal transferred more than 539,000 of his Flipkart shares to Walmart’s Luxembourg-based entity — FIT Holdings SARL, according to business intelligence platform Paper.vc.
“Our data, derived from Flipkart’s filings, indicate that with this transfer, Binny Bansal has monetised a small portion of his shareholding for what appears to be a cash consideration of $76.4 million,” it added.
The current sale is estimated to have reduced Bansal’s holding from 3.85 per cent to 3.52 per cent.
Walmart Inc, in May last year, had announced that it is buying 77 per cent stake in Flipkart for about $16 billion (Rs 1.05 trillion), its biggest deal that gave the US retailer access to Indian e-commerce market that is estimated to grow to $200 billion within a decade.
Reaction from Binny Bansal could not be ascertained.
Binny, who had co-founded Flipkart with Sachin Bansal (not related) in 2007, had sold a small portion of his minority holding during the Walmart deal.
According to Paper.vc, Binny Bansal had sold shares for about $159 million during the Walmart takeover. Sachin Bansal had sold his entire stake.
After the deal, Binny Bansal continued to lead Flipkart as Group CEO and co-founder till November last year, when he resigned following a probe into an alleged “serious personal misconduct”. Binny had strongly denied the allegation and the independent investigation done on behalf of Flipkart and Walmart “did not find evidence to corroborate the complainant’s assertions against Binny”.
Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.
Top News
Related Articles More
Kotak Mahindra Bank shares tank 13%; mcap erodes by Rs 37,721 crore post RBI action
Four-day market rally makes investors richer by Rs 8.48 lakh crore
Kotak Bank barred from onboarding customers online, issuing fresh credit cards
Reverse migration has begun, says FM Nirmala Sitharaman
Markets sustain winning streak — Sensex jumps over 560 points, Nifty tops 22,300-level
MUST WATCH
Latest Additions
Delhi HC adjourns hearing on Facebook, WhatsApp pleas challenging IT rules on traceability to August
Congress, SP harbor negative sentiments, alleges Yogi Adityanath
‘We know every vote counts and take our responsibility very seriously’
Gukesh credits Vishwanathan Anand for his Chess journey
Judge handling Gyanvapi survey alleges receiving international calls