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Economic Times

CCI clears Manipal Group's stake purchase in Aakash, Bain Capital's deal with Manappuram Finance

The Competition Commission of India (CCI) has approved Bain Capital's stake acquisition in Manappuram Finance and Manappuram Asset Finance. Ranjan Pai-led Manipal Group's purchase of a stake in Aakash Educational Services from JC Chaudhry was also cleared. Furthermore, Alpha Wave Global's plan to acquire nearly 10% stake in Haldiram Snacks Food received the green light from the antitrust regulator. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Popular in Company 1. SIS close to acquiring company; eyes tech edge, organic growth under Vision 2030 blueprint 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 antitrust regulator also cleared the acquisition of investment company Alpha Wave Global's plan to pick up nearly 10% stake in Haldiram Snacks 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 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 it also involves the acquisition of Manappuram Asset Finance by Manappuram 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 Pai is the largest shareholder with a 40% stake in Aakash Educational 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 March, Haldiram Snacks Food, the combined entity of the two businesses of the Haldiram family in Delhi and Nagpur, had announced the stake 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 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.