Amazon sells its 4% stake in Shoppers Stop for Rs 276 crore

Shares of retail chain rose 1.20% to close at Rs 635.15 apiece on NSE

New Delhi: Global e-commerce giant Amazon has exited retail chain Shoppers Stop by selling a 4% stake in the company for Rs 276 crore through an open market transaction.

US-based Amazon, through its investment arm Amazon.com NV Investment Holdings, sold nearly 44 lakh shares or 4 per cent stake in Mumbai-headquartered Shoppers Stop, as per the block deal data on the National Stock Exchange (NSE).

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The shares were offoaded at an average price of Rs 627.60 apiece, taking the transaction value to Rs 275.89 crore.

Asset and wealth management company 360 One, through its four affiliates, acquired stakes in Shoppers Stop. Also, Kotak Mahindra Mutual Fund (MF), Tata MF and Morgan Stanley picked up shares in the department store chain at the same price.

Shares of Shoppers Stop rose 1.20% to close at Rs 635.15 apiece on the NSE.

In January 2018, Shoppers Stop announced that it had allotted shares worth Rs 179.26 crore to Amazon.Com NV Investment Holdings LLC, an investment arm of Amazon.com.