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India – CCI Approves Proposed Acquisition By Caladium Investments Pte. Ltd.

27 May, 2015


On March 5, 2015, CCI approved the proposed transaction involving the acquisition of approximately 15.14 % of the equity shares of Bandhan Financial Services Limited (‘BFSL’) by Caladium Investments Pte. Limited (‘Caladium’). The notice was filed pursuant to a binding term sheet (‘BTS’) executed between BFSL and Caladium.

 

CCI observed that Caladium was a special purpose vehicle incorporated in Singapore and was an affiliate of GIC, which is Singapore’s sovereign wealth fund. Caladium also has investments in Kotak Bank Limited and Edelweiss Financial Services Limited. CCI further observed that BFSL is a non-banking financial company and micro finance institution. BFSL had also received an in-principle approval to set up a bank.

 

CCI determined that while, as per the terms of the BTS, Caladium would acquire control of BFSL, and there were no horizontal or vertical overlaps between Caladium and BFSL.

 

Accordingly, CCI held that the proposed acquisition is not likely to have any AAEC in India and approved the transaction under Section 31(1) of the Competition Act.


AZB    

    

For further information, please contact:

 

Zia Mody, AZB & Partners
zia.mody@azbpartners.com

 

Abhijit Joshi, AZB & Partners 
abhijit.joshi@azbpartners.com

Shuva Mandal, AZB & Partners 
shuva.mandal@azbpartners.com

 

Samir Gandhi, AZB & Partners
samir.gandhi@azbpartners.com

Percy Billimoria, AZB & Partners 
percy.billimoria@azbpartners.com

 

Aditya Bhat, AZB & Partners 
aditya.bhat@azbpartners.com

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