Amazon affiliate buys into Indian retailer Shoppers Stop

Shoppers Stop operates large department stores and other retail outlets

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
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An affiliate of 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. 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.