Snapdeal increases authorised equity share capital to Rs 15 crore

By

Isabelle Crossley

Published
Aug 21, 2018

The e-commerce business Snapdeal has increased its authorised equity share capital to Rs 15 crore from Rs 10 lakh with the addition of 8.82 crore shares at Rs 1 each.

Snapdeal, which is owned by Jasper Infotech, was reported by Paper.vc on August 20 to have issued an additional 8.82 crore shares of Rs 1 face value. “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 Rs 1 face value, aggregating to Rs 15 crore,” said Paper.vc in a statement on Monday.

The decision to increase the business’ volume of shares follows the business announcing profitability to its employees last month. Snapdeal was previously in talks over a merger with Flipkart a year ago but, after these fell through, the business has consistently stated that it is not looking for a buyout.

The e-commerce firm, founded by Kunal Bahl and Rohit Bansal in 2010, is based in Gurgaon and sells an array of products with a focus on fashion and electronics. The business’ current retail investors include Ratan Tata of the Tata group and Wipro Chairman Azim Premji’s investment arm PremjiInvest. The business’ institutional investors include Softbank, Teachers’ Pension Plan, Foxconn, Temasek, and BlackRock.