Flipkart buys back shares worth $350 mn ahead of Walmart deal

Source: The Hitavada      Date: 05 May 2018 09:47:44



MOVING closer to its deal with Walmart, e-commerce major Flipkart has bought back over 1.8 million shares worth more than USD 350 million from minority investors, as per information filed by Flipkart with Singapore's Accounting and Corporate Regulatory Authority. The filing, which was sourced by data platform Paper.Vc, claimed the move will also help Flipkart convert itself into a private company under Singapore law and values the firm at a whopping USD 17.69 billion.