CCI approves the proposed acquisition of up to 9.99% of the paid up share capital of IDFC First Bank Limited by Currant Sea Investments B.V.

CCI approves the proposed acquisition of up to 9.99% of the paid up share capital of IDFC First Bank Limited by Currant Sea Investments B.V.

The Competition Commission of India has approved  the proposed acquisition of up to 9.99% of the paid up share capital of IDFC First Bank Limited by Currant Sea Investments B.V.                 

The proposed combination entails the acquisition of up to 9.99% of the paid up share capital (on a fully diluted basis) of IDFC First Bank Limited (IDFC/Target) by way of subscription to 81,26,94,722 compulsorily convertible cumulative preference shares (CCPS) by Currant Sea Investments B.V. (Currant Sea/Acquirer).

The Acquirer is an investment holding company incorporated in the Netherlands.

The Target is engaged in the business of providing banking services i.e., taking deposits; providing loans, credit cards; distributing mutual fund and insurance products and providing other financial solutions like corporate banking solutions, banking solutions for MSMEs, NRI banking, transaction banking & cash management solutions, FASTag, trade finance, treasury & forex solutions and wealth management solutions.

Detailed order of the Commission will follow.