 "$12 bn Flipkart-Walmart deal: Investors are expecting to strike it rich")
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 Paper.vc. 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.
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