Binny Bansal sells part stake to Walmart

In picture: Flipkart co-founder Binny Bansal. (Reuters file photo)

American retail giant Walmart reportedly increased its holding in Flipkart by buying shares from its co-founder, Binny Bansal, according to regulatory filings accessed by business intelligence platform paper.vc.

Binny Bansal had stayed on in Flipkart, post the company's acquisition by Walmart and resigned a few months ago, following an investigation into allegations of personal misconduct. 

At the time of the acquisition, Walmart had indicated that it had acquired a 77% controlling stake in Flipkart. Regulatory filings submitted by Flipkart now indicate that Binny Bansal has transferred a portion of his shareholding to Walmart.

Bansal reportedly transferred 539912 equity shares to FIT Holdings SARL, Walmart's Luxembourg entity, the filings state.

" Our data, derived from Flipkart's filings, indicate that with this transfer, Binny Bansal has monetised a small portion of his shareholding for a what appears to be a cash consideration of $76.4 million." Paper.vc said.

According to Paper.vc, this does not appear to be Bansal's first monetisation in Flipkart. His holding fell from 7,476,271 equity shares pre-acquisition to 6,353,838 equity shares post-acquisition.

"Our assessment is that he sold 1,122,433 shares for approximately $159 million during the Walmart takeover," Paper.vc states. 

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