TIL Desk/Business/Bengaluru/ Binny Bansal, the co-founder of India’s leading e-tailer Flipkart, sold around 54 lakh of his equity shares valued at $76.4 million (Rs 531 crore) to world’s retail giant Walmart’s Luxembourg entity FIT Holdings SARL, business intelligence platform on Monday.
“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.
“According to regulatory filings by Flipkart, Bansal transferred 5,39,912 of his shares to Walmart’s entity for a cash consideration of $76.4 million,” it added.
Though the other co-founder Sachin Bansal exited Flipkart when Walmart bought controlling stake (77 per cent) in it for a whopping $16 billion on May 9, 2018, Binny stayed on to lead its management team.
“Binny,
however, resigned a few months later (November 13, 2018) after an investigation
by Walmart into allegations of personal misconduct (sexual harassment) on his
part,” report said.
