Jasper Infotech-owned leading e-tailer Snapdeal increased authorised capital from initial capital of Rs 10 lakh to Rs 15 crore by issuing an additional 8.82-crore shares of Re 1 face value, said business intelligence platform Paper.vc on Monday.
“The company’s second Extraordinary General Meeting (EGM) for fiscal 2018-19 on August 6 passed a resolution to increase the authorised equity share capital from Rs 10 lakh with an additional 8.82 crore shares of Re 1 face value, aggregating to Rs 15 crore,” said the Chennai-based Paper.vc in a statement.
Co-founded by Kunal Bahl and Rohit Bansal in 2010, the Gurgaon-based e-commerce player is an online platform to shop for a range of products spanning electronics, mobile, clothes, shoes, home and kitchen appliances and personal care.
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Snapdeal terminated merger talks with its rival and the country’s largest e-tailer Flipkart on July 31, 2017, ostensibly to pursue an independent path.
Ratan Tata of the Tata group and Wipro Chairman Azim Premji’s investment arm PremjiInvest are retail investors in Snapdeal, while Softbank, Teachers’ Pension Plan, Foxconn, Temasek and BlackRock are institutional investors.
Snapdeal’s fortunes dwindled in the face of stiff competition from Flipkart and the Indian arm of the US-based world’s largest e-tailer Amazon.