On April 08 2025, the Competition Commission of India (CCI) has approved the the following proposals:
i.Approved the acquisition of equity shares of Shriram Asset Management Company Limited (SAMC) by Sanlam Emerging Market (Mauritius) Limited (SEMM) and Shriram Credit Company Limited (SCCL).
ii.Approved the acquisition of shareholding in Vastu Housing Finance Corporation Limited (Vastu), APAC Financial Services Limited (APAC), and Quantiphi, Inc. by Multiples Plenty Private Equity GIFT Fund.
CCI Approved Acquisition of Shares in SAMC by SEMM & SCCL:
The CCI has cleared the proposed acquisition of equity shares of Mumbai (Maharashtra) based Shriram Asset Management Company Limited (SAMC) by Mauritius-based Sanlam Emerging Market (Mauritius) Limited (SEMM) and Chennai (Tamil Nadu, TN) based Shriram Credit Company Limited (SCCL).
Key Details:
i.The proposed transaction involves SEMM subscribing to 23% of the expanded voting share capital of SAMC through preferential allotment.
ii.SEMM and SCCL will also acquire up to 26% of the shareholding of SAMC through an open offer in compliance with Regulation 3 of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
About the Entities:
- SEMM, incorporated in Mauritius, is based in South Africa. SEMM is an existing strategic partner of the Shriram Group and holds a 40.70% stake in Shriram Capital Private Limited, the ultimate holding company of SAMC.
- SCCL, a subsidiary of Shriram Investment Holdings Private Limited, is the current promoter and sponsor of SAMC.
- SAMC, registered with the Securities and Exchange Board of India (SEBI), is engaged in the asset management business. It also holds a SEBI license for Portfolio Management Services (PMS), although it has not yet commenced PMS operations.
CCI Approved Acquisition of Shareholding in Vastu, APAC & Quantiphi by Multiples GIFT Fund
The CCI has also approved the proposal of GIFT city (Gujarat) based Multiples Plenty Private Equity GIFT Fund (Multiples GIFT Fund) to acquire shareholding in the following entities:
i.Mumbai (Maharashtra) based Vastu Housing Finance Corporation Limited (Vastu)
ii.Mumbai (Maharashtra) based APAC Financial Services Limited (APAC)
iii.Mumbai based Quantiphi, Inc (Quantiphi) (India)
Key Details:
Multiples GIFT Fund will acquire shares currently held by funds belonging to the Multiples Group, including:
- Plenty Private Equity Fund I Limited (Plenty) (New Delhi, Delhi)
- Multiples Private Equity Fund II LLP (Multiples Fund II) (New Delhi, Delhi)
- Plenty CI Fund I Limited (Plenty CI) (New Delhi, Delhi)
About the Entities:
i.Multiples GIFT Fund is a trust registered under the Indian Trusts Act, 1882 and is recognized as a Restricted Scheme under the International Financial Services Centres Authority (IFSCA).
- It is managed by Multiples Asset Management IFSC LLP, a limited liability partnership under the Limited Liability Partnership Act, 2008.
ii.Vastu, a housing finance company, provides retail home loans, loans to Micro, Small & Medium Enterprises (MSMEs), auto loans, and loans against property through its subsidiary Vastu Finserve India Private Limited.
iii.APAC, registered with the Reserve Bank of India (RBI) as a Non-Banking Financial Company – Middle Layer (NBFC-ML) since February 2018, offers retail loans to MSMEs.
iv.Quantiphi, Inc, incorporated in the United States, is engaged in artificial intelligence (AI), machine learning (ML) solutions, and data analytics. It operates in India through its subsidiary Quantiphi Analytics Solutions Private Limited.
About Competition Commission of India (CCI):
The Competition Commission of India (CCI) is a statutory body established under the Competition Act, 2002, functioning under the Ministry of Corporate Affairs (MCA).
Chairperson – Ravneet Kaur
Headquarters – New Delhi, Delhi
Established – 2003
