Hotline: 1800 102 2007
X
Search Business Opportunities
May, 03 2018

SoftBank Strives to up stakes in Ola

The report said SoftBank is now in talks to anyway buy Ola shares from Tiger Global Management.

SoftBank Group Corp is in a boardroom battle with cab aggregator Ola co-founder Bhavish Aggarwal after the latter blocked the Japanese entity’s move to buy more shares in the Indian company, reported a financial daily citing two people aware of the development.

The report said SoftBank is now in talks to anyway buy Ola shares from Tiger Global Management.

Ola chief executive Aggarwal blocked a proposed involving Tiger Global selling part of its stake to SoftBank in late 2017, according to the report. Tiger Global partner Lee Fixel resigned from Ola’s board after the deal was blocked, the report added.

Last year in May, Ola had rewritten the rules of engagement to restrict its investors, including SoftBank, from buying more company shares.

According to documents filed with the corporate affairs ministry, SoftBank and its affiliates will need the approval of Ola founders Aggarwal and Ankit Bhati as well as the company’s board to purchase additional shares from other stakeholders.

The report also said that an Ola spokesperson denied any transaction between SoftBank and Tiger Global was in the works. It also cited a partner at a law firm that it didn’t name as saying that any such deal was unlikely given that SoftBank needed Aggarwal’s approval to increase its stake.

Comment
image
Related opportunities
  • Quick Service Restaurants
    About: Burger Singh is into business of Fast Food Burger Chain..
    Locations looking for expansion New Delhi
    Establishment year 2014
    Franchising Launch Date 2016
    Investment size Rs. 20lac - 30lac
    Space required -NA-
    Franchise Outlets -NA-
    Franchise Type Unit, Multiunit
    Headquater South Delhi New Delhi
  • Fine Dine Restaurants
    Want to run your own traditional food family restaurants? Partner..
    Locations looking for expansion Lakshadweep
    Establishment year 1974
    Franchising Launch Date 2012
    Investment size Rs. 2lac - 5lac
    Space required 300
    Franchise Outlets -NA-
    Franchise Type Unit, Multiunit
    Headquater Lakshadweep Lakshadweep
  • About Us: Credence International Schools is a K-12 Venture of Credence..
    Locations looking for expansion Maharashtra
    Establishment year 2012
    Franchising Launch Date 2014
    Investment size Rs. 2 Cr. - 5 Cr
    Space required 20000
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater Mumbai Maharashtra
  • Others Food Service
    About Us: “FISH TODISH” brand is our own brand, brought into..
    Locations looking for expansion Maharashtra
    Establishment year 2010
    Franchising Launch Date 2018
    Investment size Rs. 10lac - 20lac
    Space required 250
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater Mumbai Maharashtra
Insta-Subscribe to
Entrepreneur
Magazine
For hassle free instant subscription, just give your number and email id and our customer care agent will get in touch with you
OR Click here to Subscribe Online
Daily Updates
Submit your email address to receive the latest updates on news & host of opportunities