'Walmart can infuse $3 bn in Flipkart'

Walmart has a lot riding on Flipkart

If Walmart proposes to transfer a sufficient number of Flipkart shares such that, following the transfer, it would no longer control a majority of the Flipkart shares or appoint a majority of the Flipkart directors, each Minority Shareholder would also be entitled to transfer all of its Flipkart shares to the proposed buyer or buyers of Walmart's Flipkart shares. The $500 billion firm added that the IPO will be not be less than the valuation at which Walmart acquired the company.

A statement issued by Walmart that day identified Flipkart co-founder Binny Bansal, Tencent Holdings Ltd, Tiger Global Management LLC and Microsoft Corp as the investors who would hold the remaining 23 per cent, implying SoftBank had agreed to sell its 20-22 per cent stake.

Walmart or its components could question Flipkart to issue new common shares of up to 3 billion until the closing of their "transactions and before or on the very first anniversary of their final", it also said.

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Minority investors holding 60 percent of Flipkart's stocks "acting collectively, may necessitate Flipkart to effect an initial public offering" (IPO) 4 decades after the beginning of their Walmart Flipkart transaction, " the Bentonville, " Arkansas-based retailer said at a May 11 filing with an U.S. Securities and Exchange Commission. The IPO should be done at a valuation no less than that paid by Walmart under the share issuance agreement, subject to the satisfaction of other conditions regarding such offering.

When he announced the deal, Walmart chief executive Doug McMillon had said he expected to close the transaction by the end of this calendar year.

Walmart said on Wednesday it and Flipkart were in talks with other investors to potentially take part in a funding round.

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On May 9 - the day the mega deal was announced - Walmart had said it supports Flipkart's ambition to transition into a publicly-listed entity in future.

Walmart's filing also said it might appoint or replace chief executive officer and other principal executives of the Flipkart group of companies, subject to certain consulting rights of the board and the founder. No termination fee would be payable by any party if the Share Issuance Agreement or the Share Purchase Agreement were terminated, it said. For at least two years following the closing of the transactions, two of the Walmart-appointed directors must be unaffiliated with Walmart.

Walmart has already signed agreement to purchase shares worth $16 billion which is 77% of Flipkart, here's how the structure of deal looks like. Also, at this present juncture, Walmart's filing is vital when Flipkart's main stakeholder, Tokyo-based SoftBank, is yet to make up its mind about the sale of its shares. The right of first refusal for the Minority Shareholders will expire if Walmart owns 85% of the outstanding shares of Flipkart. These rights will, however, expire if Walmart increases its stake to 85% or more, the retail giant noted in the filing. Under the deal, SoftBank Group will sell the entire 20% stake it holds in Flipkart through an investment fund, less than a year after the Japanese conglomerate invested $2.5 billion in the e-Commerce giant.

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