Binny Bansal, one of the two co-founders of e-commerce giant, Flipkart, has sold off shares worth $76.4 million to Walmart which has a 77 per cent stake in the Indian entity. The current sales reduce Binny's holding to 3.52 per cent from 3.85 per cent.
Regulatory filings accessed by business intelligence platform, paper.VC, indicates that Binny Bansal has transferred 5,39,912 equity shares to FIT Holdings SARL, Walmart’s Luxembourg entity. “The data derived from Flipkart’s filings, indicate that with this transfer, Binny Bansal has monetised a small portion of his shareholding for what appears to be a cash consideration of $76.4 million.
This does not appear to be Bansal’s first monetisation of his holding in Flipkart. Bansal’s holding fell from 7,476,271 equity shares pre-acquisition to 6,353,838 equity shares post-acquisition. It clearly shows that Binny sold 1,122,433 shares for approximately $159 million during the Walmart takeover. At that time of Walmart’s acquisition of Flipkart in May 2018, Walmart had indicated that it acquired a 77 per cent controlling stake in Flipkart.