Investment bank Credit Suisse is reaching out to minority shareholders of Snapdeal to build a consensus on the sale of the e-commerce platform to larger rival, Flipkart.
According to sources, Credit Suisse, which is advising Snapdeal on the proposed deal, is reaching out to smaller shareholders to get them on board for the acquisition.
The beleaguered firm has a number of investors including PremjiInvest, Ontario Teachers’ Pension Plan, Ratan Tata, Foxconn, Temasek and BlackRock among others.
Emails sent to Snapdeal and Credit Suisse did not elicit any response. PremjiInvest -- the personal investment arm of Wipro chairman Azim Premji and a minority investor in Snapdeal -- had written to the company seeking greater clarity on the deal terms. It has also called for equal treatment of shareholders for payouts from the deal.