 "CCI clears acquisition of 11% of TVS Credit Services by Premji Invest")
Fair trade regulator CCI on Wednesday said it has cleared the proposed acquisition of about 11 per cent stake in TVS Credit Services Ltd by PI Opportunities Fund-I Scheme-II (PIOF-II) and certain individuals.
PI Opportunities Fund-I Scheme-II, is a Sebi-registered Alternative Investment Fund (AIF), owned and controlled by Premji Invest Ltd.
"The combination relates to the proposed acquisition of 10.98 per cent stake of target (TVS Credit Services) by the acquirers," an official release said.
"PIOF-II shall be acquiring about 10.79 per cent of shareholding in the TVS Credit (target), whereas the individual acquirers shall collectively be acquiring 0.19 per cent shareholding," it stated.
The individual acquirers are senior-level management employees, partners, consultants of Premji Invest and its affiliates.
TVS Credit Services Ltd is a non-banking financial company.
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In a separate release, the Competition Commission of India (CCI) approved the proposed acquisition of additional unit holding in Highways Infrastructure Trust by 2452991 Ontario Ltd.
It also approved the acquisition of equity stake in Highway Concessions One Pvt Ltd by 2743298 Ontario Ltd.
Ontario Teachers' Pension Plan Board controls 2452991 Ontario Ltd and 2743298 Ontario Ltd.
Highways Infrastructure Trust is a Sebi-registered infrastructure investment trust.
The deals beyond a certain threshold need approval from the regulator, which keeps a tab on unfair business practices as well as promotes fair competition in the marketplace.