Tata group chairperson Rata Tata and other minority shareholders of Snapdeal like BlackRock, Foxconn and Temasek gave their in-principle approval to its merger with Flipkart, Moneycontrol reported on Friday. Shareholders Premji Invest and Ontario Pension Fund are yet to give their nod to the revised merger deal worth $950-970 million (approximately Rs 6,320-Rs 6,453 crore).
These six minority shareholders together own about 12% stake in Snapdeal. At least 75% of minority shareholders have to give their approval for the merger to go ahead. There are about 30 more shareholders, including Flipkart’s, who are yet to give their assent. “Flipkart wants all the shareholders to agree to the deal,” an unidentified official told the Business Standard. If that does not happen, then it might decide to not go ahead.”