The Competition Commission of India (CCI) has approved the following on 30th January 2024.
i.Subscription of Compulsorily Convertible Preference shares of API Holdings Ltd by Goldman Sachs Schemes.
ii.Subscription of Compulsorily Convertible Preference shares of API Holdings Ltd by MacRitchie.
iii.Approval for Naspers Ventures to Invest in API
iv.Subscription of Compulsorily Convertible Preference shares of API Holdings Ltd by CDPQ
Subscription of Compulsorily Convertible Preference shares of API Holdings Ltd by Goldman Sachs Schemes
CCI has approved the subscription of compulsorily convertible preference shares of Mumbai (Maharashtra) based API Holdings Limited (Target) by Goldman Sachs India Alternative Investment Fund (AIF) Scheme-1 (Acquirer 1) and Goldman Sachs India Alternative Investment Trust AIF Scheme-2 (Acquirer 2).
- The above two schemes were launched by Goldman Sachs India Alternative Investment Trust, which was set up under the Indian Trusts Act of 1882.
- The investment manager of the above acquirers is Mumbai-based Goldman Sachs (India) Alternative Investment Management Private Limited.
- API Holdings Limited is the parent entity of the API Holdings group. It is a digital healthcare platform (PharmEasy) which offers wholesale sales and distribution of pharmaceutical products, medical devices and over-the-counter (OTC) products, provision of diagnostic services, provision of tele-medical consultation services etc.
Subscription of Compulsorily Convertible Preference shares of API Holdings Ltd by MacRitchie
CCI has approved the subscription of compulsorily convertible preference shares of API Holdings Limited (Target) by Singapore-based MacRitchie Investments Pte. Limited (MacRitchie) and Singapore-based EvolutionX Debt Capital Master Fund 1 Pte. Limited (EvolutionX).
- MacRitchie is an investment holding company which is an indirectly (fully) owned subsidiary of Singapore-based Temasek Holdings (Private) Limited (Temasek).
- EvolutionX is a growth-stage debt financing platform jointly set up by DBS Bank and Temasek.
Approval for Naspers Ventures to Invest in API
CCI has approved Naspers Ventures B.V (Acquirer) to acquire additional shares in API Holdings Limited by providing direct and indirect equity and debt funding by participating in the proposed rights issue.
- The Netherlands-based Acquirer is an indirect, wholly-owned subsidiary of Prosus N.V. (Prosus), which is in turn, a direct subsidiary of Naspers Ltd. (Naspers).
Subscription of Compulsorily Convertible Preference shares of API Holdings Ltd by CDPQ
CCI has approved the proposed subscription of Compulsorily Convertible Preference Shares in API Holdings Limited by CDPQ Private Equity Asia Pte Limited (Acquirer).
- The Singapore based Acquirer is a direct wholly owned subsidiary of Canadian institutional fund CDPQ.
About Competition Commission of India (CCI):
Chairperson – Ravneet Kaur
Headquarters – New Delhi, Delhi
Established in – 2003 (Operational from 2009)
