Binny Bansal Sells Flipkart Shares Worth Rs 530 Crore To Walmart
Flipkart co-founder Binny Bansal has sold his shares worth $76 million (about Rs 530 crore) in the Indian e-commerce firm to parent Walmart Inc.
Binny Bansal transferred more than 5.39 lakh 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," Paper.vc said. With this, Binny Bansal’s stake in Flipkart is estimated to have reduced to 3.52 percent from 3.85 percent.
Binny Bansal could not be reached for comment on the Flipkart stake sale.
Walmart had in May 2018 bought 77 percent stake in Flipkart for $16 billion, in a deal that gave the US retailer access to India's e-commerce market that is estimated to grow to $200 billion within a decade.
Binny Bansal, who had co-founded Flipkart with Sachin Bansal (not related) in 2007, had sold a small portion of his minority holding during the Flipkart-Walmart deal.
According to Paper.vc, Binny Bansal had sold his Flipkart shares worth $159 million during the Walmart takeover. Sachin Bansal had sold his entire stake.
Binny Bansal continued to lead Flipkart as group chief executive and co-founder after after the Flipkart-Walmart deal. He resigned in November following an investigation into an alleged "serious personal misconduct". Binny Bansal 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".