Bengaluru May 4 (IANS) Indian e-tailer major Flipkart completed another round of buyback of its shares valued at $350 million (Rs 2 275 crore) from its investors according to its regulatory filing on Thursday.
The Chennai-based business intelligence platform Paper.vc which sourced the filing from the Singapore s Accounting and Corporate Regulatory Authority (ACRA) said Flipkart had bought over 18 lakh preferential shares from its institutional investors like Tiger Global Accel and Naspers.
"The buyback will enable the e-commerce giant to bargain for a favourable deal with the US-based retail behemoth Walmart which is eyeing a majority or controlling equity stake in it to foray into the multi-billion dollar Indian retail space " a market analyst told IANS.
The buyback also paves way for the Singapore-registered Flipkart to become a private entity and sell its stake to bidders like Walmart at higher value.
"The company s valuation is estimated to be $18 billion which is based on the buyback price paid to investors including premium " added the analyst.
The decade-old company had raised a whopping $6.11 billion till date since 2009 through 14 rounds of funding.
--IANS
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