MG Motor India share price: CCI clears IndoEdge’s stake purchase in MG Motor India, other deals

New Delhi: The Competition Commission of India (CCI) on Tuesday said it has approved a raft of proposals, including the acquisition of an 8% stake in MG Motor India by IndoEdge India Fund – Large Value Fund (LVF) Scheme and Axis Bank’s subscription to almost 142.58 million equity shares of Max Life Insurance Company.

The acquisition of shares in MG Motor India will grant InfoEdge India Fund 8.70% of the voting and economic rights, according to a statement by the antitrust regulator. The acquirer is a large value fund for accredited investors, a scheme by IndoEdge which is a contributory determinate trust registered with the Securities and Exchange Board of India as an alternative investment fund, it said.

In a separate statement, the regulator said it has cleared the acquisition of a 10.39% stake in Annapurna Finance and subscription to its certain debentures by a trust belonging to Piramal Enterprises.

Piramal Alternatives Trust is a fund management business that provides customised financing solutions to high-quality companies, while Annapurna Finance is a non-deposit-taking non-banking financial company engaged in microfinance and loans to small-time entrepreneurs.

Sharekhan deal

The regulator also said it has approved the acquisition of a 100% stake in Sharekhan and Human Value Developers collectively by Mirae Asset Capital Markets (India) and Mirae Asset Securities Co., respectively.Mirae Asset Securities Co (MAS) is currently listed on the Korea Exchange, having wealth management, investment banking, sales and trading, and principal investment as its principal businesses. Mirae Asset Capital Markets (India) is a financial advisory, brokerage firm and is a wholly owned subsidiary of MAS.The CCI has also cleared the acquisition of the assets of Nagarjuna Fertilizers and Chemicals and a 100% shareholding of ZeroC by AMG India using proceeds of investments received from the AMG Entities, BSI, Gentari, and Platinum Rock.The regulator has also approved the subscription of compulsorily-convertible preference shares of Pritam International by India Advantage Fund S5 1—an alternative investment fund– and HCL Corporation, Mirabilis Investment Trust, Aashil Apurva Shah and Ansh Ashit Shah.

The CCI has cleared International Finance Corporation’s acquisition of compulsorily convertible preference shares in Northern Arc Capital.

The subscription shares represent roughly 6% of the total issued and paid-up share capital of Northern Arc Capital on a fully diluted basis, along with certain affirmative voting rights and board nomination rights.