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Time of India
24-06-2025
- Business
- Time of India
CCI clears Manipal Group's stake purchase in Aakash, Bain Capital's deal with Manappuram Finance
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. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Co-live Spaces Starting from 42L+ | Whitefield Sumadhura Learn More Undo 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. Live Events Finally, it also involves the acquisition of Manappuram Asset Finance by Manappuram Finance. Aakash-Manipal deal 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. Haldiram stake sale 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.
Time of India
24-06-2025
- Business
- Time of India
CCI clears Manipal Group's stake purchase in Aakash Educational Services
Competition watchdog CCI on Tuesday said it has approved Ranjan Pai-led Manipal Group 's proposal to acquire a stake in Aakash Educational Services from its founder JC Chaudhry . Manipal Group through its affiliates -- Manipal Health Systems and Manipal Education and Medical Group India (MEMG) -- will acquire stakes in New Delhi-based Aakash Educational Services. "The transaction relates to the acquisition of equity shares in the target (Aakash Educational Services Ltd) by the acquirers (Manipal Health Systems and Manipal Education and Medical Group India) from JC Chaudhry, an individual shareholder in the target," the Competition Commission of India (CCI) said in a release. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Has Toyota Done It Again? The New RAV4 Is Finally Here (Take A Peek) FrequentSearches | Search Ads Learn More Undo Pai is the largest shareholder having a 40 per cent stake in Aakash Educational Services. Manipal Health Systems operates hospitals, while Pai Family Group-owned MEMG offers consultancy services. Live Events "CCI approves combination involving acquisition in Aakash Educational Services Ltd by Manipal Health Systems Pvt Ltd and Manipal Education and Medical Group India Pvt Ltd," the regulator said in a post on X. Aakash Educational Services provides comprehensive test preparatory services for students preparing for medical (NEET) and engineering entrance examinations (JEE) and competitive exams.
Business Standard
02-06-2025
- Business
- Business Standard
KKR lends $600 million to Manipal Group in its largest credit investment
Private equity giant KKR & Co has provided $600 million in financing to the Manipal Group, marking the American firm's largest private credit investment in India to date. The structured capital will support the Ranjan Pai-led group's long-term growth and expansion strategy, the firms said in a joint statement on Monday. The capital was arranged by KKR Capital Markets and is being anchored by the firm's private credit and insurance platforms. Manipal Group has grown into a diversified conglomerate with a significant presence in healthcare, education and health insurance across India and overseas. Its operations reach over 20 million people annually, with Manipal Hospitals—where it owns a 40 per cent stake—emerging as the largest tertiary healthcare network in the country. Founded in 1953 by TMA Pai, thehas grown into a diversified conglomerate with a significant presence in healthcare, education and health insurance across India and overseas. Its operations reach over 20 million people annually, with Manipal Hospitals—where it owns a 40 per cent stake—emerging as the largest tertiary healthcare network in the country. The deal comes amid a broader surge in private credit activity in India, with global investors increasingly stepping into a space that traditional banks and non-banking financial companies (NBFCs) often struggle to serve. By offering flexible capital to both performing and stressed companies, private credit is helping bridge financing gaps while delivering superior risk-adjusted returns to investors. ALSO READ: In the works: Motherson Group's offer to acquire Marelli Holdings Last week, the Shapoorji Pallonji Group raised India's largest private credit deal at $3.35 billion. The infrastructure conglomerate secured the funding by pledging a portion of its Tata Sons stake as collateral, attracting commitments from global investors including BlackRock and Morgan Stanley. India has emerged as one of the largest private debt markets in the Asia-Pacific region and is projected to account for up to 30 per cent of the region's private credit fundraising by the end of 2025, according to a PwC report. 'India is a priority market for our credit strategy, and we look to build on this momentum to be a partner of choice to more high-quality companies on their growth ambitions,' said Diane Raposio, partner and head of Asia credit and markets, KKR. 'This transaction underscores the strength of our global credit platform and our ability to provide strategic, scaled capital solutions to leading businesses,' she added. KKR is channelling the financing through its Asia-Pacific credit strategy and insurance platform. Since 2019, the firm has committed over $8 billion across approximately 60 credit deals in the region, representing a total transaction volume exceeding $21 billion, the company said. 'We are proud to welcome KKR as a strategic partner as we continue to build on Manipal's legacy in healthcare and education. KKR's longstanding India focus and flexible capital approach, as well as alignment with our long-term vision, present a strong fit for us,' said Ranjan Pai, chairman, Manipal Education and Medical Group. The group did not specify where it would invest the proceeds of the debt.
