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13 May 2018, 12:21 | Ross Houston
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In a filing with the Securities and Exchange Commission of the U.S., the $500-billion Bentonville, Arkansas-based retailing giant lifted the veil of secrecy ever so slightly on the deal that it has negotiated with the Sachin and Binny Bansal, the unrelated co-founders of Flipkart, and other existing shareholders of the Bangalore-headquartered group that comprises five companies based in India and four in Singapore.
Last week, Walmart acquired 77 per cent stake in Flipkart for about Dollars 16 billion (over Rs 1 lakh crore) in the country's largest acquisition and the world's biggest purchase of an ecommerce firm.
Walmart said the IPO will be at "a valuation no less than that paid by Walmart under the share issuance agreement, subject to the satisfaction of certain other conditions regarding such offering (the IPO)". Walmart announced earlier this week that it will pay $16 billion for a roughly 77% stake in Flipkart in what is the USA retail giant's largest-ever deal and a move to take on arch rival Amazon.com Inc.in a key growth market.
The remaining 23% stake in Flipkart will be held by minority shareholders including co-founder and group chief executive officer Binny Bansal, Chinese Internet conglomerate Tencent, investment firm Tiger Global and software firm Microsoft Corp. The Flipkart share purchase deal is expected to close by 9 March, 2019.
Walmart or its units could also ask Flipkart to issue new ordinary shares of up to $3 billion before the close of the "transactions and on or before the first anniversary of the closing".
Walmart said on Wednesday it and Flipkart were in talks with other investors to potentially take part in a funding round. The price at which Walmart bought Flipkart stake has not been disclosed, and different tranches could have been purchased at different prices.
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Flipkart's board will be initially comprised of eight directors including five Walmart-appointed directors of which two directors must be unaffiliated with Walmart for at least two years after transaction close.
Bangalore-based BigBasket is India's largest online grocery company, selling thousands of items from onions to Indian candies, delivered to the doors of 8 million customers across 25 cities in India.
Even it would appoint or replace Flipkart's chief executive and other key executives of group companies after consulting Bansal and the board.
The Bentonville, Arkansas-based retailer and its appointed directors will have veto rights over specific decisions related to Flipkart's business and activities.
Following the acquisition, all significant stakeholders in the Indian online retail giant like Naspers, venture fund Accel Partners and eBay had confirmed they were selling their stocks to Walmart. If this happens, then Walmart's shareholding in the Indian e-tailer could go up by a further 12-14 per cent, pushing its shareholding beyond 85 per cent.
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