The Chennai-based business intelligence platform Paper.vc, which sourced the filing from the Singapore's Accounting and Corporate Regulatory Authority (ACRA), said Flipkart had bought over 18 lakh preferential shares from its institutional investors
ADVERTISEMENT
Indian e-tailer major Flipkart completed another round of buyback of its shares valued at $350 million (Rs 2,275 crore) from its investors, according to its regulatory filing on Thursday.
The Chennai-based business intelligence platform Paper.vc, which sourced the filing from the Singapore's Accounting and Corporate Regulatory Authority (ACRA), said Flipkart had bought over 18 lakh preferential shares from its institutional investors like Tiger Global, Accel and Naspers.
"The buyback will enable the e-commerce giant to bargain for a favourable deal with the US-based retail behemoth Walmart, which is eyeing a majority or controlling equity stake in it to foray into the multi-billion dollar Indian retail space," a market analyst told IANS.
The buyback also paves way for the Singapore-registered Flipkart to become a private entity and sell its stake to bidders like Walmart at higher value.
"The company's valuation is estimated to be $18 billion, which is based on the buyback price paid to investors, including premium," added the analyst.
The decade-old company had raised a whopping $6.11 billion till date since 2009 through 14 rounds of funding.
Catch up on all the latest Mumbai news, crime news, current affairs, and also a complete guide on Mumbai from food to things to do and events across the city here. Also download the new mid-day Android and iOS apps to get latest updates
This story has been sourced from a third party syndicated feed, agencies. Mid-day accepts no responsibility or liability for its dependability, trustworthiness, reliability and data of the text. Mid-day management/mid-day.com reserves the sole right to alter, delete or remove (without notice) the content in its absolute discretion for any reason whatsoever.
Subscribe today by clicking the link and stay updated with the latest news!" Click here!
