The Competition Commission of India (CCI) has given its approval for the acquisition of additional Series E Compulsorily Convertible Preference Shares (CCPS) of Acko Technology & Services Pvt Ltd by Multiples Private Equity Fund III and CPP Investment Board Private Holdings (4) Inc.
While the competition watchdog tweeted the approval for this transaction, the deal value was not disclosed.
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“CCI approves acquisition of additional Series E CCPS of Acko Technology & Services Pvt Ltd by Multiples Private Equity Fund III and CPP Investment Board Private Holdings (4) Inc”, said the tweet.
CCPS are a key element for start-up financing. They offer fixed income to the investors and compulsorily convert into Equity Shares of the issuing company after a predetermined period. They also help founders keep control of a company even if their stake is lower than that of investors.