Naspers concludes disposal of Flipkart stake for over R27bn

Naspers [JSE:NPN] has concluded the disposal of its 11.18% stake in Indian commerce company Flipkart, for $2.2bn (about R27.7bn), according to a notice issued to shareholders on Monday.

The e-commerce giant in May announced it was selling its stake in Flipkart to US-based retailer Walmart.

In the shareholder notice, the group said that the transaction was closed on August 18.

The proceeds of the sale will be used to reinforce the balance sheet and will be invested over time to support the growth of Naspers’ classifieds, online food delivery and fintech businesses as well as other growth opportunities, when they arise, the group said.

Naspers shares, which opened at R3 252 on Monday morning were up 4.1% to R3 310.47 by 12:19.

*Fin24 is part of Media24, a subsidiary of Naspers.

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