CCI clears Manipal Group's stake purchase in Aakash, Bain Capital's deal with Manappuram Finance
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The Competition Commission of India (CCI) on Tuesday said it has cleared three proposals, including Bain Capital 's stake acquisition in Manappuram Finance and Manappuram Asset Finance, and Ranjan Pai-led Manipal Group's purchase of a stake in Aakash Educational Services from its founder JC Chaudhry.The antitrust regulator also cleared the acquisition of investment company Alpha Wave Global's plan to pick up nearly 10% stake in Haldiram Snacks Food.In a statement, the regulator dwelt on Bain Capital's proposed transaction. It involves subscription to over 92.9 million fully paid-up equity shares of Manappuram Finance by BC Asia Investments XXV--indirectly owned and controlled by Bain Capital-- through private placement and preferential allotment.Similarly, BC Asia Investments XIV, another Bain Capital entity, will subscribe to 92.9 million warrants of Manappuram Finance. This can be exercised (in one or more tranches) between four and 18 months from their date of allotment, each carrying a right to subscribe to one equity share of Manappuram Finance.'The acquisition through a mandatory open offer triggered by the acquirer 1 (BC Asia Investments XXV) and its persons acting in concert, in compliance with applicable regulations of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 (as amended), whereby acquirer 1 has made an open offer to acquire up to 24,42,27,387 fully paid-up equity shares representing 26% of the expanded voting share capital of MFL from the public shareholders of MFL,' the regulator said.Finally, it also involves the acquisition of Manappuram Asset Finance by Manappuram Finance.According to the proposed transaction, Manipal Group through its affiliates -- Manipal Health Systems and Manipal Education and Medical Group India (MEMG) -- will pick up stakes in Aakash Educational Services.Ranjan Pai is the largest shareholder with a 40% stake in Aakash Educational Services.As for the Haldiram deal, the regulator said Alpha Wave Ventures II LP and Alpha Wave IHC CI, LP will pick up a total of less than 10% in Haldiram Snacks Foods.In March, Haldiram Snacks Food, the combined entity of the two businesses of the Haldiram family in Delhi and Nagpur, had announced the stake sale.Set up in 1937 in Bikaner, Rajasthan, by Ganga Bhishen Agarwal, Haldiram grew up to be a major food snacks brand, with its products currently sold in over 80 countries.Last month, the antitrust regulator had approved the acquisition of less than a 10% stake in Haldiram Snacks Food by Singapore's Temasek Holdings through its arm Jongsong Investments Pte.
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