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Binny Bansal sells Flipkart shares worth Rs 530 crore to Walmart

The current sale is estimated to have reduced Bansal's holding from 3.85 per cent to 3.52 per cent

Press Trust of India  |  New Delhi 

Binny Bansal
Binny, who had co-founded Flipkart with Sachin Bansal (not related) in 2007, had sold a small portion of his minority holding during the Walmart deal

co-founder has sold his shares worth over $76 million (about Rs 530 crore) in the Indian e-commerce major to US retail giant

Bansal transferred more than 539,000 of his 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, has monetised a small portion of his shareholding for what appears to be a cash consideration of $76.4 million," it added.

The current sale is estimated to have reduced Bansal's holding from 3.85 per cent to 3.52 per cent.

Inc, in May last year, had announced that it is buying 77 per cent stake in for about $16 billion (Rs 1.05 trillion), its biggest deal that gave the US retailer access to Indian e-commerce market that is estimated to grow to $200 billion within a decade.

Reaction from could not be ascertained.

Binny, who had co-founded Flipkart with (not related) in 2007, had sold a small portion of his minority holding during the deal.

According to Paper.vc, Binny Bansal had sold shares for about $159 million during the Walmart takeover. had sold his entire stake.

After the deal, Binny Bansal continued to lead Flipkart as Group CEO and co-founder till November last year, when he resigned following a probe into an alleged "serious personal misconduct". Binny 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".

First Published: Tue, June 25 2019. 18:10 IST
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