Shinhan Bank Acquires 11% Stake in HDFC Credila: CCI Approves
By Rediff Money Desk, New Delhi May 29, 2024 22:38
The Competition Commission of India (CCI) has cleared Shinhan Bank's acquisition of an 11% stake in HDFC Credila Financial Services. The deal will see Shinhan Bank, a South Korean multinational bank, become a significant shareholder in the education loan provider.
![Shinhan Bank Acquires 11% Stake in HDFC Credila: CCI Approves](https://im.rediff.com/money/2019/oct/29cci.jpg)
New Delhi, May 29 (PTI) The Competition Commission of India (CCI) has cleared South Korea-based Shinhan Bank's proposed acquisition of an 11 per cent stake in HDFC Credila Financial Services.
Part of the Shinhan Financial Group, Shinhan Bank Co Ltd is a multinational bank, which commenced operations in India in 1996.
"The proposed combination relates to the acquisition of up to approximately 11 per cent shareholding by Shinhan Bank in HDFC Credila by way of subscription to shares of HDFC Credila," CCI said in a release on Tuesday.
HDFC Credila Financial Services, is a Reserve Bank of India (RBI)-registered non-deposit taking non-banking financial company. It is primarily engaged in the business of providing education loans in India and overseas.
In another release, the competition watchdog granted its approval to Matrix Pharma to acquire 100 per cent stake in Tianish Laboratories.
The acquisition will be funded in part by an investment proposed to be made by the investors in optionally convertible debentures of Mudhra Labs -- the holding company of Matrix Pharma.
The regulator also cleared investment by Kingsman in compulsorily convertible preference shares of Mudhra Lifesciences, the ultimate holding company of Matrix Pharma.
The proceeds of these investments will be utilised by Matrix Pharma towards the acquisition of Tianish Laboratories.
Tianish Laboratories Pvt Ltd carries out the business of manufacture and
sale of active pharmaceutical ingredients in India.
Kingsman Wealth Fund PCC -- Aurisse Special Opportunities Fund (Kingsman) holds a global business license, issued by the Financial Services Commission, Mauritius.
Fair trade regulator CCI said it has cleared the deals.
The deals beyond a certain threshold require approval from the regulator, which keeps a tab on unfair business practices as well as promotes fair competition in the marketplace.
Part of the Shinhan Financial Group, Shinhan Bank Co Ltd is a multinational bank, which commenced operations in India in 1996.
"The proposed combination relates to the acquisition of up to approximately 11 per cent shareholding by Shinhan Bank in HDFC Credila by way of subscription to shares of HDFC Credila," CCI said in a release on Tuesday.
HDFC Credila Financial Services, is a Reserve Bank of India (RBI)-registered non-deposit taking non-banking financial company. It is primarily engaged in the business of providing education loans in India and overseas.
In another release, the competition watchdog granted its approval to Matrix Pharma to acquire 100 per cent stake in Tianish Laboratories.
The acquisition will be funded in part by an investment proposed to be made by the investors in optionally convertible debentures of Mudhra Labs -- the holding company of Matrix Pharma.
The regulator also cleared investment by Kingsman in compulsorily convertible preference shares of Mudhra Lifesciences, the ultimate holding company of Matrix Pharma.
The proceeds of these investments will be utilised by Matrix Pharma towards the acquisition of Tianish Laboratories.
Tianish Laboratories Pvt Ltd carries out the business of manufacture and
sale of active pharmaceutical ingredients in India.
Kingsman Wealth Fund PCC -- Aurisse Special Opportunities Fund (Kingsman) holds a global business license, issued by the Financial Services Commission, Mauritius.
Fair trade regulator CCI said it has cleared the deals.
The deals beyond a certain threshold require approval from the regulator, which keeps a tab on unfair business practices as well as promotes fair competition in the marketplace.
Source: PTI
Read More On:
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.
You May Like To Read
TODAY'S MOST TRADED COMPANIES
- Company Name
- Price
- Volume
- GTL Infrastructure
- 2.93 ( -4.87)
- 226206286
- IFL Enterprises
- 1.30 (+ 4.84)
- 81461564
- Vodafone Idea L
- 16.79 (+ 0.66)
- 67447398
- NCL Research
- 0.95 ( -4.04)
- 31996628
- Franklin Industries
- 3.73 (+ 3.32)
- 21511209
MORE NEWS
![Navi Mumbai...](https://im.rediff.com/80-80/money/2021/jun/10navi-mumbai-airport7.jpg)
Navi Mumbai Airport ILS Signal Testing Begins
The Airports Authority of India (AAI) has begun ILS signal testing at the...
![Air India VRS for...](https://im.rediff.com/80-80/money/2020/sep/09tata-vistara-3.jpg)
Air India VRS for Non-Flying Staff Ahead of...
Air India has announced a voluntary retirement scheme (VRS) and voluntary separation...
Fisher Groups Oppose WTO Fisheries Subsidy Talks
Small-scale fisher groups from India, Indonesia, and Bangladesh demand WTO keep...