Business

Amazon Affiliate Strikes Share Deal With Shoppers Stop

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

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

Mumbai: 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% stake, in the Indian retailer at Rs 407.78 a piece on a preferential basis, Shoppers Stop told the stock exchanges late on Saturday.

On Friday, Shoppers Stop shares had closed 3% lower at Rs 418.10 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)

(Reuters)