MUMBAI: American multinational retail corporation, Walmart, has decided to sell $16 billion worth of bonds to help finance its investment in Indian e-commerce giant Flipkart. 

Walmart offered fixed- and floating-rate notes in nine parts to Flipkart. The longest bond, a 30-year security, yields 1.05 per cent points above Treasuries, less than the initial 1.2 per cent points that was being pitched earlier in the day. According to a report by Bloomberg, the deal edged out an offering Bayer AG completed two days ago.

The American giant announced in June that it will acquire 77 per cent stake in the Flipkart Group for $16 billion. This will leave Binny Bansal and other shareholders with 33 per cent of the stake in the company.

India is the most active and favourite playing field for most e-commerce giants today. With Walmart and Flipkart coming together as one, it will directly compete with Amazon in India. The international e-commerce website has the biggest market share in India which is the fastest growing e-commerce market today.

Walmart and Flipkart’s deal was led by JPMorgan, Barclays and Citigroup.