Flipkart sells ABFRL stake in ₹582-cr deal

Walmart-owned Flipkart on Wednesday sold its entire 6% stake in Aditya Birla Fashion & Retail (ABFRL) in a ₹582-crore bulk deal.

- Viveat Susan Pinto

Following the stake sale, shares of Aditya Birla Fashion & Retail (ABFRL) plunged 10.69% to close at ₹76.79 on the BSE. On the NSE, the scrip slumped 10.37% to ₹77.08.

Flipkart Investments had offered to sell its entire 73.17 million shares at a floor price of ₹79.50 per share, which was at a 7.5% discount to the last closing price of ₹85.98 on the BSE, according to a term sheet viewed by FE. Goldman Sachs was the sole book runner to the deal.

In the last few weeks, a number of promoters, private equity funds and large investors pared their stakes in companies, taking advantage of the rebound in the equity markets, experts said.