Amazon affiliate to buy $27.6 million stake in Indian retailer Shoppers Stop
Amazon affiliate to buy $27.6 million stake in Indian retailer Shoppers Stop:- An affiliate of Amazon.com Inc has agreed to buy a 1.79 billion-rupee ($27.6 million) stake in Indian retailer Shoppers Stop Ltd, the Indian company said in a filing.
Amazon.com NV Investment Holdings LLC, a foreign portfolio investor, will subscribe to about 4.4 million shares, equivalent to an about 5 percent stake, in the Indian retailer at 407.78 rupees apiece on a preferential basis, Shoppers Stop told the stock exchanges late on Saturday.
On Friday, Shoppers Stop shares had closed 3 percent lower at 418.10 rupees 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.
Source:- http://www.reuters.com/article/us-shoppers-stop-stake-amazon-com/amazon-affiliate-to-buy-27-6-million-stake-in-indian-retailer-shoppers-stop-idUSKCN1BZ01R
