Flipkart Said to Be Readying Up to $950 Million Offer for Snapdeal

Flipkart Said to Be Readying Up to $950 Million Offer for Snapdeal

The e-commerce leader Flipkart should make a revised offer of 900-900 million dollars (about Rs 5,800 crore – Rs.6122 crore) for the purchase of rival Snapdeal, according to sources.

The new offer is almost equivalent to the original $ 1 billion sale price for the acquisition of the besieged e-commerce market, private development sources said.

They do not want to be identified because the discussions are always over and the agreement has not been signed.

A source said a new offer of 900-900,000,000 should be made next week.

When contacted, Snapdeal, Flipkart and Softbank declined to comment.

The Snapdeal Board has already rejected an offer of $ 800 million to $ 850 million (about 5.5 million pounds) of Flipkart when it felt that the amount has underestimated the company since the due diligence report was clean.

SoftBank, the largest investor Snapdeal, played a mediating role in the sale for several months. The Snapdeal Council was also represented by its founders (Kunal Bahl and Rohit Bansal), Nexus Venture Partners and Kalaari Capital.

Snapdeal also participates in separate talks to sell FreeCharge (mobile portfolio operations) and Vulcan Express (logistic arm).

These offers are also likely to be closed in the coming weeks.

The case between Snapdeal and Flipkart, if completed, will mark the largest acquisition in India’s e-commerce space.

One of the major competitors in the Indian segment of retail electronics, Snapdeal has seen its fortune fail amid intense competition from Amazon and Flipkart.

Snapdeal’s valuations also fell around $ 6.5 trillion in February 2016. SoftBank has canceled more than $ 1 billion for the valuation of its investment in Snapdeal.

SBI reduces NEFT, RTGS charges by 75%

SBI reduces NEFT, RTGS charges by 75%

The country’s largest lender, State Bank of India (SBI) has cut the National Electronic Funds Transfer (NEFT) and real-time gross settlement (RTGS) to 75%, beginning July 15.
In order to promote digital transactions.

The revised charges will apply to Neft and SLBTR transactions through Internet banking or mobile banking services offered by the bank, OSE said in a statement.

NEFT and RTGS are electronic payment systems, which allow the transfer of funds between accounts in different banks.

Previously, OSE poured Rs. 2 for the transfer of funds up to Rs. 10,000 for Neft modes using the Internet or mobile banking. It has now been reduced to Rs 1 (excluding 18% GST).

For Neft transactions of Rs 10,000 to Rs 1 lakh, the charge was reduced to Rs.

2 Rs. 4 above. Similarly, OSE has revised its money transfer rates between Rs 2 lakh and Rs 5 lakh through RTL on its mobile banking platform and network, to Rs 5. This charge was Rs 20 earlier.

“Analysis and excellence in operations is one of our key strategies to provide customer comfort.

This has reduced delivery time and extended customer benefits, “said Rajnish Kumar, General Manager (NBG) to the SBI.

“In line with our strategy and completing the Indian Government’s goal to create a digital economy, we have taken a step further to promote the use of Internet banking and mobile banking for NEFT RTB transactions and cost reduction,” He added. .
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In addition, the bank has also waived up to a fund transfer fee of Rs 1000 carried through the immediate payment service (IMPS) from July 1, 2017, according to the statement.

IMPS is a money transfer service that can be achieved with mobile phones or Internet banking.

The IMPS service helps to transfer money to the beneficiary’s account immediately when a fund transfer request is made by mobile phone or Internet.