New Delhi: The Competition Commission of India (CCI) has approved the acquisition of stake in IDFC Asset Management Company Limited and IDFC AMC Trustee Company Limited by Bandhan Financial Holdings Limited, ChrysCapital and GIC.
Detailed order of the CCI will follow, it stated today.
The proposed combination envisages the acquisition of a 99.96% stake in IDFC Asset Management Company Limited (IDFC AMC) and 100% stake in IDFC AMC Trustee Company Limited (IDFC Trustee) by Bandhan Financial Holdings Limited (BFHL), Lathe Investment Pte. Ltd. (Lathe), Tangerine Investments Limited (CC Entity 1) and Infinity Partners (CC Entity 2).
BFHL is a wholly-owned subsidiary of Bandhan Financial Services Limited. BFHL is set up to act as the promoter of Bandhan Bank Limited and to hold the investment in Bandhan Bank as well as all other financial services entities of the group regulated by the Reserve Bank of India or other financial sector regulators.
Lathe is wholly owned by GIC (Ventures) Private Limited. Lathe is part of a group of investment holding companies managed by GIC Special Investments Private Limited.
CC Entity 1 is a subsidiary of ChrysCapital IX, LLC (CC IX). CC IX is a private equity fund set up by the ChrysCapital group. CC Entity 2 is a partnership firm.
IDFC AMC is the asset management company for IDFC Mutual Fund (IDMF). IDFC AMC also operates a portfolio management business and acts as an investment manager for IDFC India Equity Hedge Fund, a Category III Alternative Investment Fund. IDFC Trustee has been appointed as the trustee company of IDMF.
– global bihari bureau