Flipkart co-founder sells part stake to Walmart for Rs 531 cr

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.