E-commerce The company Flipkart sold its entire 6 percent stake in Aditya Birla Fashion and Retail (ABFRL) for Rs 588 crore. Flipkart sold shares through transactions in the open market on Wednesday. With the sale of shares, now Flipkart is completely separated from ABFRL. Let us tell you that Aditya Birla Fashion and Retail has big brands like Pantalons, Van Hyusen and Louis Philip. According to data available about wholesale deals on the National Stock Exchange (NSE), Bangalore -based Flipkart sold 7,31,70,731 shares of ABFRL through its subsidiary Flipkart Investment Private Limited, which is equal to about 6 percent stake in the company.
At what price does Flipkart sell shares
Flipkart Investment Private Limited has sold ABFRL shares at an average price of Rs 80.32 per share. In this way, the total value of this transaction was Rs 587.71 crore. However, the details of units buying shares of Aditya Birla Fashion and Retail on NSE could not be found. In October 2020, Aditya Birla Group’s company ABFRL announced to raise a fund of Rs 1,500 crore from the Flipkart Group.
What was the impact of sales on Aditya Birla Fashion & Retail shares
On Wednesday, ABFRL shares fell 10.37 percent to close at Rs 77.08 per share on NSE. On the other hand, the company’s shares on BSE also closed at Rs 76.79 with a decline of Rs 9.19 (10.69%). This large selling has recorded a huge decline in the shares of Aditya Birla Fashion and Retail. Let us tell you that 52 weeks of the company’s shares are Rs 121.74, while its 52 week is low 76.10, which was made during the business on Wednesday.
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