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