(Image source from: Thenewsminute.com)
Flipkart Shares Worth Rs 531 Cr Sold to Walmart:- Binny Bansal, the co-founder of Flipkart, India's leading e-tailer sold 54 lakh of his equity shares to Walmart's Luxembourg entity FIT Holdings SARL. The shares are valued at Rs 531 crores (76.4 million USD). Walmart now increased its equity holding after they bought 5,39,912 shares. Bansal transferred 5,39,912 of his shares to Walmart's entity for cash consideration.
Flipkart's other co-founder Sachin Bansal left Flipkart when Walmart bought 77% stake in Flipkart for a whopping price of 16 million UDD. Binny has been leading the team and he resigned the team few months ago after he faced allegations on sexual harassment. After the current sale proceedings, Binny's holding reduced from 3.85 percent to 3.52 percent. Flipkart has been dominating and leading the Indian e-commerce market from the past few years.