Binny Bansal sells Flipkart shares worth Rs 530 crore to Walmart3Photo© firstpost.com

Binny Bansal sells Flipkart shares worth Rs 530 crore to Walmart

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Bansal transferred more than 539,000 of his Flipkart shares to Walmart's Luxembourg-based entity -- FIT Holdings SARL, according to business intelligence platform Paper.vc.

"Our data, derived from Flipkart's filings, indicate that with this transfer, Binny Bansal has monetised a small portion of his shareholding for what appears to be a cash consideration of $76.4 million," it added.

The current sale is estimated to have reduced Bansal's holding from 3.85 per cent to 3.52 per cent.

Walmart Inc, in May last year, had announced that it is buying 77 per cent stake in Flipkart for about $16 billion (Rs 1.05 trillion), its biggest deal that gave the US retailer access to Indian e-commerce market that is estimated to grow to $200 billion within a decade.