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Binny Bansal sells more shares of Flipkart to parent Walmart
Binny Bansal | Photo Credit: Reuters

Flipkart co-founder Binny Bansal, who had resigned as group chief executive officer of the homegrown e-commerce firm following allegations of personal misconduct last year, has sold more shares to parent company Walmart.

Bansal has sold 539,912 shares for $76.4 million (Rs 531 crore at current exchange rate), which reduces his holding from 3.85% to 3.52%. Earlier, he had sold a small portion of his minority holding while keeping a 3.85% stake when Walmart bought a controlling stake in Flipkart last year.

Other minority shareholders include tech giant Microsoft (1.53%), venture capital firm Accel (1.38%), family office Iconiq Capital (0.98%), Singapore state investor Temasek (0.29%) and Swiss financial services firm UBS (0.19%).

The sale stake by Bansal was first flagged by data research firm Paper.vc. Email queries to Flipkart and Walmart didn't elicit any response till the time of publishing this report.

Last year, US retail giant Walmart had bought a controlling stake in Flipkart. Walmart then increased its stake in the company to 81.3%.

Bansal had resigned as group chief executive officer last November following an independent probe into allegations of “serious personal misconduct”.

The 37-year-old had said in the past that he was mulling over the right time to step away from an operating role at Flipkart following its $16 billion acquisition by Walmart in May last year.

Bansal had been appointed group CEO in January 2017.

Binny Bansal had co-founded Flipkart with his Indian Institute of Technology-Delhi batchmate Sachin Bansal a decade ago.

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