Binny Bansal sells Flipkart shares worth over $76 million to Walmart's Luxembourg-based entity FIT Holdings SARL

Bansal transferred more than 5.39 lakh of his Flipkart shares to Walmart's Luxembourg-based entity -- FIT Holdings SARL

Press Trust of India June 25, 2019 18:17:23 IST
Binny Bansal sells Flipkart shares worth over $76 million to Walmart's Luxembourg-based entity FIT Holdings SARL
  • The current sale is estimated to have reduced Bansal's holding from 3.85 percent to 3.52 percent

  • Walmart Inc, in May last year, had announced that it is buying 77 percent stake in Flipkart for about $16 billion

  • Binny Bansal had sold a small portion of his minority holding during the Walmart deal

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 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 $76.4 million," it added.

Binny Bansal sells Flipkart shares worth over 76 million to Walmarts Luxembourgbased entity FIT Holdings SARL

File image of Binny Bansal. CNBC TV-18

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

Walmart Inc, in May last year, had announced that it is buying 77 percent stake in Flipkart for about $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 $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".

Updated Date:

Find latest and upcoming tech gadgets online on Tech2 Gadgets. Get technology news, gadgets reviews & ratings. Popular gadgets including laptop, tablet and mobile specifications, features, prices, comparison.

also read

Samsung Galaxy F41 with 6,000 mAh battery to launch in India on 8 October
News & Analysis

Samsung Galaxy F41 with 6,000 mAh battery to launch in India on 8 October

Galaxy F41 is expected to be powered with an octa-core Exynos 9611 chipset and will be paired with 6 GB of RAM.

Sony launches WF-H800 truly wireless earphones in India at Rs 14,990
News & Analysis

Sony launches WF-H800 truly wireless earphones in India at Rs 14,990

The Sony WF-H800 TWS earphones are powered by the in-brand Digital Sound Enhancement Engine HX.

Delhi High Court vacates stay on publication of Gunning for the Godman, book on Asaram Bapu's conviction
Arts & Culture

Delhi High Court vacates stay on publication of Gunning for the Godman, book on Asaram Bapu's conviction

The publisher approached the high court challenging the trial court’s 4 September ex-parte interim injunction order restraining the publication of the book. It said the stay should be vacated.