Security guards stand at the reception desk of the Amazon India office in Bengaluru, India, August 14, 2015. REUTERS/Abhishek N. Chinnappa
An affiliate of Amazon has agreed to buy a INR1.79 billion ($27.6 million) stake in Indian retailer Shoppers Stop Ltd, the Indian company said in a filing.
Amazon's 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 INR407.78 apiece on a preferential basis, Shoppers Stop told the stock exchanges late on Saturday.
Amazon working on 'smart glasses' as its first wearable device
On Friday, Shoppers Stop shares had closed 3 per cent lower at INR418.10 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.
COMMENTS
Comments are moderated and generally will be posted if they are on-topic and not abusive.
For more information, please see our Comments FAQ