One of the smaller investors in Snapdeal, the family office of billionaire Azim Premji, objects to special payments to certain shareholders including its two co-founders and two early backers, according to people familiar with the discussions. PremjiInvest sent a letter Wednesday to the Snapdeal board saying that the $90 million to be handed to this select group of early Snapdeal shareholders and founders isn’t acceptable, the people said. The two companies struck a preliminary agreement last month but the talks have bogged down over how Snapdeal’s investors and employees will be compensated. Premji’s objections could cause Snapdeal’s valuation to tumble further. Emails sent to SoftBank, Snapdeal and early backer Kalaari Capital were not immediately answered.

Source: Mint June 23, 2017 02:30 UTC