Ripples Advisory, Flipkart goes private in Singapore ahead of Walmart deal
Buys back shares worth $350 million at a valuation of $17.69 billion
In a move seen as a precursor to US retail giant Walmart acquiring a majority stake in Flipkart, the Indian e-commerce player has bought back shares worth $350 million from investors in its Singapore-based parent to regain private limited status in the country.
Flipkart bought 1,895,574 redeemable preference shares and 174,319 non-redeemable preference shares from investors for $350.46 million, according to documents the Bengaluru-based company filed with the Singapore authorities and sourced by business intelligence platform The transaction was closed on April 27.
Among the investors who sold their shares in this exercise were Shekhar Kirani, Deep Nishar, and IDG Ventures.
Apart from these investors, several pension funds exited Flipkart through the buyback at $169.31 per share. Other large investors in the company — SoftBank, Tiger Global, Naspers, Microsoft, eBay, and Accel — did not participate in the buyback.
IDG Ventures had invested in the company through multiple funds.
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