Snapdeal allots stock for deal struck in 2015

Snapdeal has allotted preference shares worth Rs 113.16 crore to its early investor Nexus Venture Partners and the company co-founders Kunal Bahl and Rohit Bansal as part of the acquisition of Uni-commerce eSolutions in 2015.

Unicommerce, an order fulfilment platform for e-commerce companies, was bought by Jasper Infotech, the parent of Snapdeal.

The decision of issuing these compulsorily convertible cumulative preference shares, valued at Rs 20 each, was taken at an extraordinary general meeting on March 10, pointed out the documents. TOI was unable to establish the reason for the filings being made two years after the transaction.

The development comes at a time when Snapdeal is in the last leg of being sold to Flipkart in a deal which is being orchestrated by the company’s largest investor SoftBank. In our May 24 edition, TOI reported that Flipkart has signed a term sheet for the acquisition of Snapdeal.

The company has also received a communication from minority investor, Premji Invest, which raises questions about the sale of the company .

 

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