Snapdeal's various top-notch shareholders including Tata Group Chairman Emeritus Ratan Tata, Temasek, BlackRock and Foxxconn voted in the favour of the deal.
â€‹The merger of India's two leading E-Commerce brands, Binny Bansal led Flipkart and Kunal Bahl led Snapdeal could be the most sensational merger in the Indian E-Commerce history.
Snapdeal's various top-notch shareholders including Tata Group Chairman Emeritus Ratan Tata, Temasek, BlackRock and Foxxconn voted in the favour of the deal.However, according to the sources, Premji Invest and Ontario Pension Fund are still balancing the odds. It requires the nod of 75% shareholders for the deal to go ahead. Therefore, approval from as much as 30 shareholders is still required.A source close to Snapdeal board said, "Flipkart wants all the shareholders to agree to the deal, if that does not happen then it might decide against moving ahead with the merger."
Snapdeal has asked the minority shareholders to ponder on Flipkart's revised USD 950-970million offer.
SoftBank Corp, which holds a little above 30% shares in Snapdeal is orchestrating the deal to pave its way to Flipkart. Some of the other investors include ru-Net Holdings, Tybourne Capital, Alibaba Group, IndoUS Ventures etc.