Snapdeal increases authorised capital to Rs 15 cr

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.

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.

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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.