E-commerce giant Flipkart has reportedly bought back shares worth $350 million from investors in its Singapore-based parent to regain private limited status in the country. This move comes amid speculations of a possible acquisition of the company by US retail major Walmart. This development was first reported by Paper.vc which sourced regulatory filings made by Flipkart in Singapore, the company has paid a set of investors — including T Rowe Price and Valic — about $350 million to purchase 18,95,574 preference shares. The transaction, which closed on April 27, pegs Flipkart’s valuation at around $17.7 billion. Among other investors who sold their shares in this exercise were Shekhar Kirani, Deep Nishar, and IDG Ventures. Apart from these investors, several pension funds exited Flipkart through the buyback at $169.31 per share. The company’s largest backers like New York-based Tiger Global, Japan's SoftBank, Accel Partners, Microsoft, South African media and internet group Naspers, and eBay did not participate in the buyback. These investors, are reportedly expected to fully or partially sell their shares in Flipkart as Walmart makes its acquisition bid for the company. Eases regulatory challenges In 2014, Flipkart had applied to Singapore’s registrar and regulator, where it is incorporated, for conversion into a public company as it was a mandatory procedure for entities with more than 50 shareholders. But the company now needed to become a private entity in Singapore to avoid major regulatory burden in the case of a major transaction like the rumoured acquisition by Walmart. Times of…
- “Foreign state actor” may be responsible for the ransomware attack on AIIMS-Delhi: Report December 3, 2022
- Agenda: Reworking The Data Protection Bill, Delhi, 8th Dec #Ad December 3, 2022
- Why has the deadline to comply with UPI market share cap been extended by the NPCI? December 3, 2022
- India’s IT Minister on DPDP Bill: Law should be kept ‘simple’, subordinate rules won’t exceed Act December 3, 2022
- MIB approves ninth self regulatory body, PADMA, under the IT Rules, 2021 December 3, 2022
MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.
The Structure and Style of a Dogma Community: Conspiracy theories and organized Twitter engagement on Sushant Singh Rajput
Studying the 'community' supporting the late Sushant Singh Rajput (SSR) shows how Twitter was gamed through organized engagement
Do we have an enabling system for the National Data Governance Framework Policy (NDGFP) aiming to create a repository of non-personal data?
A viewpoint on why the regulation of cryptocurrencies and crypto exchnages under 2019's E-Commerce Rules puts it in a 'grey area'
India's IT Rules mandate a GAC to address user 'grievances' , but is re-instatement of content removed by a platform a power it should...
Why ‘group privacy’ should be recognised, and how ‘non-personal’ data becomes a regulatory blindspot
There is a need for reconceptualizing personal, non-personal data and the concept of privacy itself for regulators to effectively protect data
Please subscribe to MediaNama. Don't share prints and PDFs.
You May Also Like
Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...
135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...
Twitter takes down tweets from MP, MLA, editor criticising handling of pandemic upon government request
By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...