Retail major Shoppers Stop Ltd said on Saturday that it has approved a proposal to sell 5% equity in the company for Rs 179.25 crore to the investment arm of the world’s largest online retailer, Amazon Inc. The board has approved issuing 43.95 lakh equity shares of Rs 5 each, at price of Rs 407.78 a piece, to Amazon.com NV Investment Holdings LLC, Shoppers Stop said in a BSE filing.

Shoppers Stop will use the funds to continue expanding physical and online retail businesses, Mint quoted the company’s managing director Govind Shrikhande as saying.

The company will hold an extraordinary general meeting of shareholders on October 18 to seek their approval.

In a related development, Shoppers Stop also announced it had entered into an exclusive partnership with Amazon Seller Services Pvt. Ltd, PTI reported. “In addition to the website of the company and its group companies, the company will exclusively sell its products online on the Amazon.in marketplace,” the company said.

Amazon’s move comes as the company tries to increase its influence in the online fashion market, that has been dominated by Flipkart, among other online retailers, The Times of India reported.