Amazon India announced over the weekend the acquisition of a minority stake in multi-retailer Shopper Stop. The Rs 179.25-crore deal entitles Amazon to sell its products online exclusively on the e-retailer's website.
As revealed in a BSE filing, the board has approved issuing 43.95 lakh equity shares of Rs 5 each, at price of Rs 407.78 a piece, to Amazon.com NV Investment Holdings LLC.
Shoppers Stop, managing director Govind Shrikhande said that he will use the funds to continue expanding physical and online retail businesses.
On October 18, the company will hold a general meeting with all the shareholders to seek their approval.
Additionally, Shoppers Stop announced it had entered into an exclusive partnership with Amazon Seller Services Pvt. Ltd, PTI reported. “In addition to the website of the company and its group companies, the company will exclusively sell its products online on the Amazon.in the marketplace,” the company said.