Trade
7 years ago

Amazon affiliate to buy $27.6 million stake in retailer Shoppers Stop

The logo of the web service Amazon is pictured in Mexico City, Mexico on June 8, 2017. Reuters/Illustration/File Photo
The logo of the web service Amazon is pictured in Mexico City, Mexico on June 8, 2017. Reuters/Illustration/File Photo

Published :

Updated :

An affiliate of Amazon.com Inc has agreed to buy a 1.79 billion-rupee ($27.6 million) stake in Indian retailer Shoppers Stop Ltd, the Indian company said in a filing.

 

Amazon.com NV Investment Holdings LLC, a foreign portfolio investor, will subscribe to about 4.4 million shares, equivalent to an about 5 per cent stake, in the Indian retailer at 407.78 rupees apiece on a preferential basis, Shoppers Stop told the stock exchanges late on Saturday.

 

On Friday, Shoppers Stop shares had closed 3 per cent lower at 418.10 rupees on the National Stock Exchange.

 

The Amazon affiliate will not take a board position, Shoppers Stop, which operates large department stores and other retail outlets, said in the filing.

 

($1 = 64.7900 Indian rupees)

Share this news