New Delhi [India], August 2 (ANI): The Competition Commission of India (CCI) on Tuesday said it has approved the acquisition of stakes in IDFC Asset Management Company Limited and IDFC AMC Trustee Company Limited by Bandhan Financial Holdings Limited, ChrysCapital and GIC.
The proposed combination envisages acquisition of 99.96 per cent stake in IDFC Asset Management Company Limited and 100 per cent stake in IDFC AMC Trustee Company Limited by Bandhan Financial Holdings Limited (BFHL), Lathe Investment Pte. Ltd. (Lathe), Tangerine Investments Limited and Infinity Partners, the Competition Commission of India said in a statement.
Bandhan Financial Holdings Limited 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.
Tangerine Investments Limited is a subsidiary of ChrysCapital IX, LLC, a private equity fund set up by ChrysCapital group.
IDFC AMC is the asset management company to IDFC Mutual Fund. IDFC AMC also operates a portfolio management business and acts as an investment manager to IDFC India Equity Hedge Fund, a Category III Alternative Investment Fund. IDFC Trustee has been appointed as the trustee company of IDMF. (ANI)
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Source: The Print
