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Flipkart buys back shares worth $350 million

It also began the process of converting Flipkart to a private limited company, changing its name to Flipkart Pte Ltd, the filings showed

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Reuters  |  Mumbai 

Indian online marketplace Flipkart has bought back $350 million worth of shares from its investors as it seeks to convert its Singapore-incorporated company to a private limited firm, in a move that could ease the way in for a new strategic investor. U.S. retail giant Walmart Inc is in advanced talks with Flipkart to acquire a controlling stake of more than 51 percent in the Bengaluru-based e-commerce firm at a valuation of at least $18 billion, sources previously told Reuters. Flipkart Ltd purchased shares for $350.5 million from some of its investors including Tiger Global and ...

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First Published: Thu, May 03 2018. 23:34 IST