US retailer Walmart increased its stakeholding in its ecommerce subsidiary Flipkart by buying 5,39,912 shares from etailer founder Binny Bansal worth $76.4 million, paper.vc reported.
Flipkart, in a regulatory filing quoted by the report, said Bansal transferred more than five lakh shares to FIT Holdings SARL, Walmart’s Luxembourg entity.
The report said that this was not the first time Bansal monetised his holding in Flipkart as his holding fell from 74,76,271 equity shares pre-acquisition to 63,53,838 equity shares post-acquisition.
Walmart acquired a 77 percent stake in Flipkart last year in May. Soon after, Sachin Bansal, co-founder, quit the firm and Binny put in his papers after allegations of personal misconduct.
In total, according to the assessments found in the report, Binny sold 11,22,433 shares for $159 million during the takeover of the US retailer and with the current sale, Binny’s holding has reduced from 3.85 percent to 3.52 percent.
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