After announcing the acquisition of Indian ecommerce company Flipkart, global retail giant Walmart has been busy arranging funds for the deal. New reports revealed that the US giant has set a target for June 7, 2019, to complete the process of arranging funds for the Flipkart deal through a bond sale.
Meanwhile, the Confederation of All India Traders, which has asked the government to stop the deal, earlier announced it would hold dharnas at 1,000 places across the country today.
At present, the stakeholders of the Walmart-Flipkart deal, reported to be the biggest ecommerce deal in the world to date, have been addressing competition concerns raised by the Competition Commission of India.
The documents filed for a mega bond issue to finance the transaction revealed that a March 9, 2019 deadline had been set in the share purchase agreement between the two companies around which the termination rights have been negotiated.
It was in June that Walmart started the process of selling $16 Bn worth bonds (offering fixed and floating rate notes in nine parts) to complete its 77% acquisition of Flipkart.
Walmart had earlier claimed that it would close the deal by the end of 2018.