The CCI said Puran Associates, MB Finmart, VIC Enterprises and Milky Investment & Trading Company, which jointly hold 21.25% of REL, have proposed to acquire a majority shareholding of up to 53.94% (assuming full acceptance in the open offer process by the public shareholders), and collectively exercise joint control over REL.
The acquisition involves open market purchases of 5.27% of the issued and outstanding share capital of Religare Enterprises and an open offer for up to 26% of the total expanded voting share capital of REL, the CCI said.
The anti-trust regulator has also approved a deal to buy a Wistron arm, involved in iPhone assembly in Karnataka, by Tata Electronics. Further, it has given its nod for a combination involving AU Small Finance Bank and Fincare Small Finance Bank.
The competition watchdog has also approved Tata Electronics’ proposal to acquire 100% of Wistron Infocomm Manufacturing (India) stake from SMS Infocomm (Singapore) and Wistron Hong Kong.
SMS Infocomm and Wistron HK hold 99.99% and 0.01%, respectively, of Wistron Infocomm on a fully diluted basis.
JSW-MG MOTOR india stake DEAL okayed
The commission approved JSW Ventures Singapore Pte’s acquisition of up to about 46% stake in MG Motor India along with certain special rights, the regulator said.
“There are no horizontal overlaps between the parties (JSW and MG Motor India). There are limited existing and potential vertical linkages, which are unlikely to raise any competition concerns,” the CCI said in an order.