your password has been reset successfully, Please login again.

Snapdeal's thumbs up for the merger offer of $900-950 by Flipkart.

Snapdeal's majority shareholders on board to merge for Flipkart's revised offer of $900-950 million.
BY BEx Bureau
BusinessEx
Jul 28, 2017

Snapdeal majority board has approved Flipkarts takeover for the revised offer made of $900-950 million. This could be the most sensational merger in the Indian E-Commerce history.

Snapdeal's various top-notch shareholders including Tata Group Chairman Emeritus Ratan Tata, Temasek, BlackRock and Foxxconn voted in the favour of the deal.

However, according to the sources, Premji Invest and Ontario Pension Fund are still balancing the odds. It requires the nod of 75% shareholders for the deal to go ahead. Therefore, approval from as much as 30 shareholders is still required.

A source close to Snapdeal board said, "Flipkart wants all the shareholders to agree to the deal if that does not happen then it might decide against moving ahead with the merger."

SoftBank Corp, which holds a little above 30% shares in Snapdeal is orchestrating the deal to pave its way to Flipkart. Some of the other investors include Ru-Net Holdings, Tybourne Capital, Alibaba Group, IndoUS Ventures etc.

Please add your Comment
SIMILAR News
July 18, 2018
Punjab National Bank will 28.16 billion rupees, while Corporation Bank, Indian Overseas Bank, Andhra ...More
By Shah Mohsin
July 18, 2018
The development comes months after the Bengaluru-based news startup raised around Rs 1.48 crore from ...More
By Shah Mohsin
July 18, 2018
TCNS Clothing is expected to raise nearly Rs 1,125-crore through the offer. ...More
By Shah Mohsin
July 18, 2018
The Series D funding was led by TPG Growth, the middle market and growth equity investment platform ...More
By Shah Mohsin
July 18, 2018
The funding round takes the total amount raised by the Gurgaon-headquartered company to Rs 500 crore ...More
By Shah Mohsin
July 17, 2018
As part of the partnership, Walmart and Microsoft engineers will collaborate to migrate a significan ...More
By Shah Mohsin
July 17, 2018
The Mumbai-based startup was launched in 2013 as a social network for conversations and later tweake ...More
By Shah Mohsin
July 17, 2018
PE firm India Equity Partners holds a stake of around 98% stake in Spoton Logistics while the compan ...More
By Shah Mohsin
July 17, 2018
The latest funding has been routed through Singapore-based Amazon Corporate Holdings and Mauritius-b ...More
By Shah Mohsin
July 16, 2018
Phonepe which is one of the biggest players in the UPI payment space, has been steadily building up ...More
By Shah Mohsin
July 16, 2018
Dalmia Bharat had been adamant on its acquisition plan for Binani Cement, which would have opened an ...More
By Shah Mohsin
July 16, 2018
LIC owned about 8 percent of IDBI Bank as of end-June, while the federal government owned 86 percent ...More
By Shah Mohsin