CCI Clears Major Acquisition Proposals in Asset Management and Finance Sectors

The Competition Commission of India (CCI) has approved Sanlam and Shriram Credit Company's acquisition of a 23% stake in Shriram Asset Management Company. This transaction includes an open offer to acquire an additional 26% from the public. Concurrently, CCI cleared share acquisitions in Vastu Housing, APAC Financial, and Quantiphi.

The Competition Commission of India (CCI) has given the green light to Sanlam and Shriram Credit Company's joint proposal to obtain a 23% stake in Shriram Asset Management Company (SAMC). This includes a strategic step involving South Africa-based Sanlam Emerging Market Ltd's subscription to equity shares in SAMC.

Additionally, the acquisition process allows for SEMM and Shriram Credit Company to make an open offer for an additional 26% public shareholding, in line with the Securities and Exchange Board of India's regulations on substantial acquisition and takeover.

Beyond this, CCI has approved the acquisition of shareholdings in companies like Vastu Housing Finance Corporation, APAC Financial Services, and Quantiphi by Multiples Plenty Private Equity GIFT Fund. These initiatives are subject to regulatory checks to ensure fair market competition.

(With inputs from agencies.)