Active Stocks
Wed May 22 2024 12:59:44
  1. Tata Steel share price
  2. 173.40 -0.52%
  1. ITC share price
  2. 439.20 0.98%
  1. State Bank Of India share price
  2. 817.60 -1.56%
  1. Kotak Mahindra Bank share price
  2. 1,697.25 0.01%
  1. NTPC share price
  2. 373.35 0.39%
Business News/ Companies / Start-ups/  Tiger Global raises stake in Flipkart; buys shares from Binny Bansal
BackBack

Tiger Global raises stake in Flipkart; buys shares from Binny Bansal

Bansal has transferred part of his holding to two Tiger Global funds
  • This is the third time that Bansal has sold a tranche of his shares since Walmart took over the e-commerce firm
  • Prior to that, Binny Bansal had sold a block of shares for approximately $159 million. (Photo: Reuters)Premium
    Prior to that, Binny Bansal had sold a block of shares for approximately $159 million. (Photo: Reuters)

    Bengaluru: Flipkart co-founder Binny Bansal has sold $14 million worth of shares in the company to New York hedge fund Tiger Global, according to regulatory filings accessed through data intelligence platform Paper.vc. This is the third time that Bansal has sold a tranche of his shares since Walmart took over the e-commerce firm.

    Bansal has transferred part of his holding to two Tiger Global funds – 47,759 equity shares to existing shareholder Internet Fund III Pte Ltd and 54,596 shares to incoming shareholder Tiger Global Eight Holdings.

    “Our lower end estimate of the consideration for this sale would be approximately $14.5 million, based on the Walmart acquisition price from 2018," said Vivek Durai, cofounder of Paper.vc. “If we incorporate a modest increase in Flipkart’s valuation because of the growth of its subsidiary PhonePe, the number could go up to $25 million."

    In June, Bansal liquidated a small portion of his shareholding for a cash consideration of $76.4 million by selling it to FIT Holdings SARL, a Walmart’s Luxembourg entity, the documents show.

    Prior to that, he had sold a block of shares (1,122,433) for approximately $159 million.

    Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed - it's all here, just a click away! Login Now!

    Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
    More Less
    Published: 02 Sep 2019, 11:41 AM IST
    Next Story footLogo
    Recommended For You