Binny Bansal ‘sells’ his Flipkart shares worth $76 million to Walmart; reduces stake to 3.53 per centhttps://indianexpress.com/article/business/companies/binny-bansal-sells-his-flipkart-shares-worth-76-million-to-walmart-reduces-stake-to-3-53-per-cent-5797860/

Binny Bansal ‘sells’ his Flipkart shares worth $76 million to Walmart; reduces stake to 3.53 per cent

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.

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Binny Bansal (File)

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.

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“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.