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Flipkart Undertakes $350 Million Buyback Ahead of Walmart Deal

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According to the statement filed by Flipkart with Singapore’s Accounting and Corporate Regulatory Authority, ahead of Walmart deal, Flipkart has bought 1.8 million shares from the minority investors. The values of 1.8 million shares are around $350 million. The data platform, Paper.vc has said that the move will help the Flipkart to convert itself into a private company under the Singapore law and values.

The development will bring significance as US retail giant Walmart, is close to sealing its deal to acquire major stake in Flipkart. If it is completed, it will be one of the biggest deals in the Indian Retail Sector. There is also a buzz that Amazon, the rival of Flipkart has made a formal bid along with the breakup fee of $2 billion to buy the majority stake in the Indian e-Commerce company, which is founded by Binny Bansal and Sachin Bansal.

Flipkart Undertakes $350 Million Buyback Ahead of Walmart Deal

Flipkart Undertakes $350 Million Buyback Ahead of Walmart Deal

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According to the document filed by Paper.vc, Flipkart has bought 18,95,574 redeemable preference shares and 1,74,319 non-redeemable preference shares in a transaction which closed on April 27. According to market watchers, the deal will help Walmart to buy the stake from a single entity rather than multiple parties. Earlier this year, Flipkart has undertaken a similar move following the closing of its Softbank-Microsoft-eBay deal.

Shareholders like Accel, Deep Nishar, and several pension funds are said to be excited about this deal. But it will leave Accel, Tiger Global, eBay and Naspers on the deal table. As per the sources, Walmart is expected to pump in as much $12 billion for primary and secondary shares, valuing around $20 billion. As India is a critical market for both Amazon and Walmart, a deal with Flipkart will help them to consolidate their position in the booming Indian e-commerce market.

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