Ukraine Denies Paying Trump Lawyer for White House Meeting
Elon Musk promises $1 tunnel rides at 240 kmph in LA
HTC U12+ revealed in new images while full specs leak out
OnePlus 6 vs OnePlus 5T camera: Here's what's new
Call of Duty: Black Ops 4's Blackout is its Battle Royale Mode
Walmart may take Flipkart public in as early as 4 years
13 May 2018, 12:21 | Ross Houston
SoftBank undecided on exiting Flipkart
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.
Police investigate deadly stabbing in Paris
The incident took place in Opera district of central Paris and the site was about 400 metres away from Paris Opera House. Macron said: "France is once again paying the price of blood, but will not cede an inch to enemies of freedom".
NASA Announces It is Sending a Helicopter to Mars in 2020
The Nasa aircraft will be controlled through commands relayed from the rover , and will be powered by solar-charged batteries. Because Earth will be several light minutes away, "there is no way to joystick this mission in real time", Aung said.
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.
Lewis Hamilton takes pole in Spain
He said part of the problem is that many times "a lot of us drivers might agree but we know our teams won't agree". Sergio Perez had a mechanical issue with Force India and had to retire near the end of the second session.
Priceless Gifts for Your Mother
Can you still hear your mother's favorite Bible verse? Although you tried to set boundaries and limitations, they were reasonable. Thanks to social media, women are under pressure to make the world believe that pregnancy, and child rearing is hip and cool.
Uber Unveils Its Drone-Like Flying Taxi Prototype
At its second annual Elevate summit in Los Angeles this week, Uber gave a preview of what it believes air taxis could look like. The simulations should highlight potential safety issues as new aircraft are added to urban airspace that is already crowded.
Are Women Candidates Winning More In 2018?
Watson, who worked on labor policy as a congressional staffer in Washington , has the backing of more than two dozen labor groups. Gallup's latest weekly update put Trump's approval rating at forty-two per cent, the highest level since May of previous year .
Google Cloud is ready for the GDPR
Google now has a GitHub project which aims to make it easy for seamless transfer of your data from Google to another provider. Google Cloud will as a data processor, and as a data processor Google process data only as instructed by you-our customers.