Amazon affiliate to buy $27.6 million stake in retailer Shoppers Stop
Sun Sep 24 2017
Rajesh Sharma (2003 articles)

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

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 percent 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 percent 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.

Rajesh Sharma

Rajesh Sharma

Rajesh Sharma is Correspondent for Stock Market of South East Asia based in Mumbai. He has been covering Asian markets for more than 5 years.

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