MUMBAI: Online market Flipkart has bought again $350 million price of shares from its investors because it seeks to transform its Singapore-incorporated corporate to a non-public restricted firm, in a transfer that might ease the way in for a brand new strategic investor.
US retail large Walmart Inc is in complex talks with Flipkart to obtain a controlling stake of greater than 51 in line with cent in the Bengaluru-based e-commerce firm at a valuation of a minimum of $18 billion, sources previously told Reuters.
Flipkart Ltd purchased shares for $350.5 million from some of its investors together with Tiger Global and Accel, in step with May 3 regulatory filings from Singapore's Accounting and Corporate Regulatory Authority, sourced by way of business intelligence platform paper.vc.
It additionally started the method of changing Flipkart to a non-public restricted corporate, changing its identify to Flipkart Pte Ltd, the filings confirmed.
Stakeholders in a non-public restricted corporate are usually certain by way of a freelance and feature extra flexibility than in a public corporate.
"Typically strategic investors don't like to deal with multiple shareholders because it just becomes more cumbersome," a senior legal professional told Reuters. "So they very often ask companies to clean up the cap table or consolidate small shareholders."
US retail large Walmart Inc is in complex talks with Flipkart to obtain a controlling stake of greater than 51 in line with cent in the Bengaluru-based e-commerce firm at a valuation of a minimum of $18 billion, sources previously told Reuters.
Flipkart Ltd purchased shares for $350.5 million from some of its investors together with Tiger Global and Accel, in step with May 3 regulatory filings from Singapore's Accounting and Corporate Regulatory Authority, sourced by way of business intelligence platform paper.vc.
It additionally started the method of changing Flipkart to a non-public restricted corporate, changing its identify to Flipkart Pte Ltd, the filings confirmed.
Stakeholders in a non-public restricted corporate are usually certain by way of a freelance and feature extra flexibility than in a public corporate.
"Typically strategic investors don't like to deal with multiple shareholders because it just becomes more cumbersome," a senior legal professional told Reuters. "So they very often ask companies to clean up the cap table or consolidate small shareholders."
Flipkart buys back shares worth $350 million
![Flipkart buys back shares worth $350 million]()
Reviewed by Kailash
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May 04, 2018
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