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Money News

Amazon affiliate to buy $27.6 million stake in retailer Shoppers Stop

FILE PHOTO: The logo of the web service Amazon is pictured in Mexico City, Mexico on June 8, 2017. REUTERS/Carlos Jasso/Illustration/File Photo

MUMBAI (Reuters) - 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.

($1 = 64.7900 Indian rupees)

Reporting by Devidutta Tripathy; Editing by Sam Holmes

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