Snapdeal will seek views of its shareholders, including Ratan Tata and PremjiInvest, on the proposed $900-950 million buyout deal by Flipkart, a source said.
The deal is almost through but there are a few areas of concern and the Board wants to seek views and comments from shareholders on the deal, two people aware of the developments said.
They did not want to be identified as discussions are still on and the deal has not been finalised yet.
SoftBank declined to comment, while Snapdeal did not respond to emailed queries.
Snapdeal’s largest investor, SoftBank has been proactively mediating the sale for the past few months.
Snapdeal has a number of investors including Ontario Teachers’ Pension Plan, PremjiInvest, Ratan Tata, Foxconn, Temasek and BlackRock among others.
Interestingly, PremjiInvest -- the personal investment arm of Wipro chairman Azim Premji has already written to Snapdeal seeking greater clarity on the deal terms.
It has also called for equal treatment of shareholders for payouts from the deal.