Amazon Affiliate To Buy $27.6 Million Stake In Retailer Shoppers Stop
Amazon.com Investment Holdings, a foreign portfolio investor, will subscribe to about 4.4 million shares, equivalent to an about 5 percent stake
An affiliate of Amazon.com has agreed to buy a Rs 1.79 billion stake in Indian retailer Shoppers Stop Ltd, the Indian company said in a filing.
Amazon.com Investment Holdings, a foreign portfolio investor, will subscribe to about 4.4 million shares, equivalent to an about 5 percent stake, in the Indian retailer at Rs 407.78 apiece on a preferential basis, Shoppers Stop told the stock exchanges late on Saturday (23 September).
On Friday (22 September), Shoppers Stop shares had closed 3 percent lower at Rs 418.10 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.
(Reuters)