The Competition Commission of India has approved  the proposed acquisition of up to 9.99% of the paid up share capital of IDFC First Bank Limited by Currant Sea Investments B.V.                 

The proposed combination entails the acquisition of up to 9.99% of the paid up share capital (on a fully diluted basis) of IDFC First Bank Limited (IDFC/Target) by way of subscription to 81,26,94,722 compulsorily convertible cumulative preference shares (CCPS) by Currant Sea Investments B.V. (Currant Sea/Acquirer).

The Acquirer is an investment holding company incorporated in the Netherlands.

The Target is engaged in the business of providing banking services i.e., taking deposits; providing loans, credit cards; distributing mutual fund and insurance products and providing other financial solutions like corporate banking solutions, banking solutions for MSMEs, NRI banking, transaction banking & cash management solutions, FASTag, trade finance, treasury & forex solutions and wealth management solutions.

Detailed order of the Commission will follow.

Competition approval for minority share acquisition via convertible preference shares in IDFC First Bank by foreign investor. The Competition Commission of India approved the proposed acquisition of up to 9.99% of the paid-up share capital of IDFC First Bank Limited by Currant Sea Investments B.V., effected by subscription to 81,26,94,722 compulsorily convertible cumulative preference shares on a fully diluted basis; the acquirer is a Netherlands-incorporated investment holding company and the Target is a commercial bank offering deposit, lending, card, mutual fund and insurance distribution and various corporate and retail financial services.