New Delhi Aug 21 (IANS) Jasper Infotech-owned leading e-tailer Snapdeal increased authorised capital from initial capital of Rs 10 lakh to Rs 15 crore by issuing an additional 8.82-crore shares of Re 1 face value said business intelligence platform Paper.vc on Monday.
"The company s second Extraordinary General Meeting (EGM) for fiscal 2018-19 on August 6 passed a resolution to increase the authorised equity share capital from Rs 10 lakh with an additional 8.82 crore shares of Re 1 face value aggregating to Rs 15 crore " said the Chennai-based Paper.vc in a statement.
Co-founded by Kunal Bahl and Rohit Bansal in 2010 the Gurgaon-based e-commerce player is an online platform to shop for a range of products spanning electronics mobile clothes shoes home and kitchen appliances and personal care.
Snapdeal terminated merger talks with its rival and the country s largest e-tailer Flipkart on July 31 2017 ostensibly to pursue an independent path.
Ratan Tata of the Tata group and Wipro Chairman Azim Premji s investment arm PremjiInvest are retail investors in Snapdeal while Softbank Teachers Pension Plan Foxconn Temasek and BlackRock are institutional investors.
Snapdeal s fortunes dwindled in the face of stiff competition from Flipkart and the Indian arm of the US-based world s largest e-tailer Amazon.

--IANS fb/pgh/