Flipkart co-founder Binny Bansal has offloaded a portion of his equity shares in the e-commerce company to its new American owner Walmart for a consideration of $76 million, according to information sourced from business intelligence platform paper.vc.
The American multinational retail corporation had, last year, acquired 77 per cent stake in Flipkart for $16 billion, in a deal which saw the other co-founder Sachin Bansal completely exit the company.
Binny Bansal — whose shareholding has been reduced to 3.52 per cent from 3.85 per cent after the latest sale — continued with the e-commerce firm in a management position after the takeover by Walmart.
However, he resigned a few months later following an investigation by Walmart into allegations of personal misconduct.
“Bansal transferred 5,39,912 equity shares to FIT Holdings SARL, Walmart’s Luxembourg entity. Our data, derived from Flipkart’s filings, indicate that with this transfer, Binny Bansal has monetized a small portion of his shareholding for what appears to be a cash consideration of $76.4 million,” the documents from paper.vc noted.
Currently, other significant shareholders in Flipkart include Aceville, Tiger Global, Accel India and Microsoft, among others.
An e-mail query sent to Binny Bansal did not elicit any response at the time of going to press on Monday.
📣 The Indian Express is now on Telegram. Click here to join our channel (@indianexpress) and stay updated with the latest headlines