The Competition Commission of India (CCI) approves the acquisition of approximately 7.49% shareholding in Aditya Birla Fashion and Retail Limited on a fully diluted basis by the Caladium Investment Pte. Ltd(GIC Investor) by way of preferential issuance of equity and warrants (Proposed Combination).

Caladium Investment Pte. Ltd. (Acquirer/GIC Investor) is wholly-owned by Lathe Investment Private Limited, an entity which is in turn wholly-owned by GIC (Ventures) Private Limited (GIC Ventures). The GIC Investor is a special purpose vehicle organized as a private limited company in Singapore that is part of a group of investment holding companies managed by GIC Special Investments Private Limited (GICSI).

Aditya Birla Fashion and Retail Limited (Target/ABFRL) is a publicly listed company which along with its subsidiaries is engaged in the manufacture and retailing of branded apparel, footwear and accessories (AFA) and operates across India through its retail stores, as well as distribution through its exclusive brand outlets and Pantaloons stores, multi-brand outlets, shop-in-shop stores across departmental stores, own online retail platforms and third-party e-commerce marketplaces.

Detailed order of the CCI will follow.

Regulatory approval for preferential issuance allows a GIC-managed investor to acquire a minority stake in a retail company. The Competition Commission of India granted regulatory approval for the proposed acquisition by Caladium Investment Pte. Ltd. (a GIC-managed special purpose vehicle) of an approximately minority shareholding in Aditya Birla Fashion and Retail Limited effected by a preferential issuance of equity and warrants; a detailed order will follow.