Amazon affiliate to buy $27.6 million stake in retailer Shoppers Stop

Amazon.com NV Investment Holdings LLC, 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.