Binny Bansal, the co-founder and former CEO of Flipkart, has offloaded another 54 lakh of his equity shares to parent company Walmart, according to a regulatory filing.
Bansal has sold 539,912 shares valued at Rs 531 crore (USD 76.4 million) as per current exchange rate to Walmart's Luxembourg entity FIT Holdings SARL, business intelligence platform Paper.vc said on Monday.
As a result, Bansal's stake in Flipkart has reduced to 3.52 per cent from 3.85 per cent earlier. Last year, he had sold a small portion of his minority holding in the company to Walmart.
"Walmart increased its equity holding in Flipkart by buying 5,39,912 shares of its erstwhile co-founder Binny Bansal for $76.4 million through its Luxembourg-based entity FIT Holdings SARL," said the Chennai-based Paper.vc in an e-mail to IANS.
Last year, Binny Bansal resigned from his position as Chairman and Group CEO of Flipkart, a company he co-founded with Sachin Bansal in 2007, following allegations of improper conduct. His departure came less than six months after Bentonville-based Walmart acquired a 77 per cent stake in the country's largest online retailer Flipkart for USD 16 billion in May 2018.
According to the Economic Times report, Flipkart is planning to list on the US stock markets by 2022. The report said that the decision was taken at a board meeting earlier in June, on the sidelines of the annual shareholders' meeting of Walmart. The US-retailer may use the initial public offer (IPO) to partially or fully exit the company, it added.
Edited by Chitranjan Kumar