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

MUMBAI (Reuters) - An affiliate of Amazon.com Inc 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 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. (Reporting by Devidutta Tripathy; Editing by Sam Holmes)