SoftBank Gains Promoter Status in Unicommerce's IPO Filing

Unicommerce Esolutions has identified SoftBank, which owns nearly 30% of the company, as a promoter in its amended draft IPO prospectus. This update also names Snapdeal cofounders Kunal Bahl and Rohit Bansal as promoters.

Initially, the draft prospectus filed with the Securities and Exchange Board of India listed only AceVector Ltd, Snapdeal's parent company, as a promoter.

SoftBank has signed an indemnity agreement with Bahl and Bansal to protect itself and its executives from liabilities arising from this promoter designation.

The company's board officially recognized SoftBank, Bahl, and Bansal as promoters on May 29, following the indemnity agreement signed on May 17.

Unicommerce filed for an IPO in January, with existing investors planning to sell shares worth approximately Rs 480-490 crore. The IPO proposal does not include a fresh capital component.

According to Indian regulations, any shareholder with a 26% or more stake is considered a promoter, which limits the shares they can sell post-IPO.

Additionally, it was reported that Dutch investment firm Prosus might be identified as a promoter of Swiggy, where it is the largest shareholder.

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