BJP turns up the heat on the Congress government in Madhya Pradesh, asks CM Kamal Nath to prove majority

News Snippets

  • Sensex above 39300 and Nifty crosses 11800 as investors get richer by Rs 5.33 lakhs in a day as punters are buoyed by the exit poll predictions
  • After hectic parleys in Delhi, Chandrababu Naidu visits Kolkata to sound out Mamata Banerjee in case there is a hung parliament
  • Mamata Banerjee says exit polls are "gossip" and the Centre will manipulate EVMs
  • Exit polls predict between 11 and 16 seats for the BJP in West Bengal
  • Congress says exit polls are bunkum, the country is in for a surprise on May 23rd
  • Exit polls predict clear majority for NDA
  • Congress says it will not insist on the PM's post if opposition gets close to the half-way mark
  • Pragya Thakur says Godse was a patriot, retracts after rebuke from party
  • Modi offer to rebuild Vidyasagar statue in Kolkata, Mamata rejects offer, saying BJP alms are not required
  • Delhi HC says #MeToo can't be allowed to become a "sullying you too" campaign.
  • National Consumer Disputes Redressal Commission (NCDRC) says homebuyers can seek refund if flat is delayed by more than one year
  • AFSPA might be lifted in Assam
  • Two climbers missing and two critical from an expedition tp scale Mount Kanchenjunga
  • Monsoon likely to be delayed by 5 days, to arrive on June 6
  • Supreme Court questions Bengal government over the delay in releasing BJP activist who posted a morphed image of Mamata Banerjee on her FB page
Walmart-Flipkart-deal
The Rs 1 Lakh Crore Maths

By India Commentary

About the Author

By our team of in-house writers.

The Walmart-Flipkart deal will renew global investor faith in Indian startups as it has given fantastic returns to those investors who backed Flipkart over the years and stayed till now. The deal has valued Flipkart at $ 20bn (Rs 1.35 lakh crore) and Walmart is paying over Rs 1 lakh crore to acquire 77% stake in the company (although there is confusion over whether the biggest shareholder, SoftBank of Japan, will eventually sell its 22.3% stake). Where will this Rs 1 lakh crore go?

Let us begin with the investors who stayed with Flipkart over the years. Accel was the first big investor in the company and had put in $ 100 million since 2008/2009. It took home between $ 800 million to $ 1bn. That translates to nearly Rs 6750 crore.

Tiger Global was one of the biggest early investors. It invested close to $ 1bn or Rs 6700 crore since 2010 in different rounds of investing. It sold 17% stake for $ 3.3bn or Rs 22275 crore.

Naspers got $ 2.2 bn or Rs 14850 crore for the $ 600 million it invested in 2012.

SoftBank is reported to be in two minds about selling its 22.3% which can fetch it $ 4.46bn or Rs 30105 crore. It had invested $ 2.5bn or Rs 14800 crore just 9 months back.

Employee-held ESOPS will get around $ 1 million or Rs 6.73 crore.

Co-founder Sachin Bansal has exited after selling his remaining 5.5% stake entirely, fetching him Rs 6700 crore.

The other co-founder Binny Bansal will remain CEO. He has sold partial stake for Rs 700 crore and has retained 4.24% that is estimated at Rs 6000 crore.

Apart from this, Rs 13500 crore is being invested as fresh equity.

Phew, there you have it, the arithmetic of Rs 1 lakh crore.