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 Paper.vc said 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 to IANS.
"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," the Paper.vc statement said.
The latest sell-off, however, is not Binny Bansal`s first monetisation of his equity holding in 12-year-old Flipkart.
"Binny`s holding fell to 63,53,838 shares post-acquisition from 74,76,271 in pre-acquisition. Our assessment is he sold 11,22,433 shares of his for $159 million when Walmart took over Flipkart," the statement added.