Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
LIVE TV DownloadNews18 App
»
1-min read

Binny Bansal Sells Flipkart Shares Worth Rs 530 Crore to Walmart

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. The current sale is estimated to have reduced Bansal's holding from 3.85 per cent to 3.52 per cent.

PTI

Updated:June 25, 2019, 6:22 PM IST
facebookTwitterskypewhatsapp
Binny Bansal Sells Flipkart Shares Worth Rs 530 Crore to Walmart
File photo of Flipkart co-founder Binny Bansal.
Loading...

New Delhi: Flipkart co-founder Binny Bansal has sold his shares worth over USD 76 million (about Rs 530 crore) in the Indian e-commerce major to US retail giant Walmart.

Bansal transferred more than 5.39 lakh 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 USD 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 USD 16 billion (Rs 1.05 lakh crore), its biggest deal that gave the US retailer access to Indian e-commerce market that is estimated to grow to USD 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 USD 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".

Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwitterskypewhatsapp
Most Active
Company Price Change %Gain
RBL Bank 500.40 -13.69
Yes Bank 83.25 -2.97
Bajaj Finance 3,323.10 -4.17
ACC 1,543.65 -1.50
Reliance 1,249.00 -1.02
Company Price Change %Gain
Biocon 240.35 -8.63
Yes Bank 83.25 -2.97
RBL Bank 500.35 -13.71
ICICI Bank 410.10 -2.05
HDFC AMC 2,316.85 6.76
Top Gainers
Company Price Change %Gain
NTPC 129.90 2.24
Titan Company 1,091.05 1.02
Coal India 221.90 0.73
TCS 2,076.95 0.53
BPCL 351.00 0.50
Company Price Change %Gain
NTPC 129.85 2.20
Coal India 221.95 0.68
TCS 2,076.95 0.55
ONGC 144.10 0.42
Power Grid Corp 205.90 0.27
Top Losers
Company Price Change %Gain
M&M 571.30 -4.37
Bajaj Finance 3,323.10 -4.17
Eicher Motors 17,664.00 -4.03
Hero Motocorp 2,387.40 -3.71
Tata Motors 154.85 -3.67
Company Price Change %Gain
M&M 571.35 -4.36
Bajaj Finance 3,322.05 -4.16
Tata Motors 154.80 -3.73
Hero Motocorp 2,387.65 -3.71
IndusInd Bank 1,421.45 -3.40

Live TV

Loading...
Countdown To Elections Results
To Assembly Elections 2018 Results