Amazon Exits Shoppers Stop for Rs 276 Crore

Amazon has withdrawn its investment in Shoppers Stop by selling a 4% stake for Rs 276 crore. The shares were sold on the NSE through an open market transaction. Asset manager 360 One and other investment entities such as Kotak Mahindra and Tata MF acquired these shares.

Amazon has officially exited its position in the retail chain Shoppers Stop by selling a 4% stake worth Rs 276 crore. The transaction, completed through an open market sale on the National Stock Exchange, marks a significant move for the e-commerce giant.

Amazon's investment arm, Amazon.com NV Investment Holdings, offloaded approximately 44 lakh shares at an average price of Rs 627.60 each. These shares were snapped up by asset management company 360 One and affiliates, along with other notable investors like Kotak Mahindra Mutual Fund and Tata Mutual Fund.

The exit comes after Amazon's previous substantial investment in Shoppers Stop back in January 2018. Following the transaction, Shoppers Stop's shares rose by 1.20% to close at Rs 635.15 on the NSE, reflecting investor confidence in the department store chain.

(With inputs from agencies.)