Amazon affiliate buys into Indian retailer Shoppers Stop

Shoppers Stop operates large department stores and other retail outlets

An Amazon unit has bought a stake in an Indian retailer. Carlos Jasso/Illustration/Reuters

An affiliate of Amazon.com has agreed to buy a 1.79 billion-rupee (Dh101.1 million million) stake in the Indian retailer Shoppers Stop, the Indian company said in a filing.

Amazon.com NV Investment Holdings, a foreign portfolio investor, will subscribe to about 4.4 million shares, equivalent to an about 5 per cent 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 per cent 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.