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Amazon affiliate to buy 5% stake in Indian retailer Shoppers Stop

Amazon is steps up efforts to gain ground in India’s fast-growing consumer market. (Reuters)
MUMBAI: An affiliate of Amazon.com has agreed to buy a 1.79 billion-rupee ($27.6 million) stake in Indian retailer Shoppers Stop Ltd, the Indian company said in a filing.
Amazon.com Investment Holdings, a foreign portfolio investor, will subscribe to about 4.4 million shares, equivalent to an about 5 percent 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 percent 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.

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