The Competition Commission of India (CCI) has approved the proposed acquisition of certain shareholding in TVS Credit Services Limited (TVS CSL) by Premji Invest-owned PI Opportunities Fund-I Scheme-II along with certain Individuals.
The combination relates to the proposed acquisition of 10.98 per cent stake (on a fully diluted basis) of TVS CSL by the acquirers.
PIOF-II would be acquiring about 10.79 per cent of shareholding in the target, whereas the individual acquirers would collectively be acquiring 0.19 per cent shareholding in TVS CSL.
Premji Invest is the private equity and venture capital investment arm of the Premji Foundation. The PI Opportunities Fund-I Scheme-II is a trust established under the laws of India and registered as a Category II Alternative Investment Fund (AIF) with the Securities and Exchange Board of India (SEBI).
The individual acquirers are senior level management employees, partners and consultants of Premji Invest and its affiliates and trustees and the investment made by the individual acquirers is a separate investment.
The investment objective of the PI Opportunities Fund-I Scheme-II is to invest in growth and development stage investments in companies.
Quality Care India
In another decision, the CCI has approved the acquisition of 72.49 per cent stake in Quality Care India by BCP Asia II. Quality Care India is a multi speciality healthcare provider established in 1997. It operates a network of multi speciality hospitals under the brand name ‘CARE Hospitals’.
The CCI also approved the acquisition of 24.16 per cent stake in Quality Care India by Centella Mauritius Holdings Limited.