The Competition Commission of India (CCI), the chief national competition regulator in India, has approved the following,
- Increase in proportion of voting rights held by Canada Pension Plan Investment Board (CPPIB) in ReNew Energy Global PLC.
- Acquisition of Ageas Federal Life Insurance Company Limited (AFLI) by its group company Ageas Insurance International NV.
- Indirect subscription of more than 30% of a total number of issued shares of CitiusTech by Bain Capital & Bain Credit.
CCI Approves Increase in the Proportion of Voting Rights Held by CPPIB in ReNew
CCI has approved the proposition to increase the proportion of voting rights held by CPPIB in ReNew Energy Global PLC (ReNew). This proposed combination envisages an increase in the proportion of voting rights held by the Canada Pension Plan Investment Board (CPPIB), an investment management organisation, in ReNew.
Background:
i.This is the result of the repurchase program to buy back Class A Ordinary Shares, the shares carrying voting rights.
ii.Following the Buyback, the aggregate number of voting shares of ReNew is expected to decrease, leading to an increase in the proportion of voting rights held by CPPIB.
Additional info:
CPPIB invests the funds transferred to it by the Canada Pension Plan Fund (CPP Fund) that are not needed by the CPP Fund to pay current benefits on behalf of 21 million contributors and beneficiaries.
CCI approves the indirect subscription of around 30% of the total number of issued shares of CitiusTech by Bain Capital & Bain Credit
CCI has approved the proposal for the indirect subscription of over 30% of the total number of issued shares of CitiusTech by Bain Capital Investors, LLC (Bain Capital) and Bain Capital Credit Member, LLC and Bain Capital Credit Member II, Ltd. (Bain Credit).
Bain Capital:
Bain Capital is one of the world’s leading private investment firms. They invest in several companies across industries like Information Technology(IT), Healthcare, Retail and Consumer Products, Communications, Financial and Industrial or Manufacturing.
Bain Credit:
Bain Credit is a leading global credit specialist, that invests up and down the capital structure and across the spectrum of credit strategies, including leveraged loans, high-yield bonds, distressed debt, private lending, structured products, non-performing loans and equities.
CitiusTech:
CitiusTech holds around 80% interest in CitiusTech Healthcare Technology Private Limited (CT India), a healthcare technology services and solutions provider.
CitiusTech does not have any business activities
CCI approves acquisition of AFLI by Ageas Insurance International NV
CCI has approved the acquisition of Ageas Federal Life Insurance Company Limited (AFLI ) by its group company Ageas Insurance International NV(Ageas).
- Target: Ageas Federal Life Insurance Company Limited
- Acquirer: Ageas Insurance International NV
At present, Ageas has 49% shareholding in AFLI. Ageas along with other shareholders, IDBI and Federal Bank, controls the operations of AFLI.
Additional info:
i.Ageas Insurance International NV (Ageas) is the holding company of the Ageas group.
ii.It is an international insurance group having business activities in Europe and Asia.
iii.AFLI is involved in the business of providing life insurance products in India under the category of term plan, child plan, Unit Linked Insurance Plan(ULIP plan)and others.
Recent Related News:
The Competition Commission of India (CCI) approved the acquisition of certain compulsorily convertible preference shares of Hero FinCorp Limited (HFL) by AHVF ll Holdings Singapore ll Pte. Ltd.
About Competition Commission of India (CCI):
Chairperson– Ashok Kumar Gupta
Headquarters– New Delhi, Delhi
