The Competition Commission of India (CCI) has  approved subscription to 15.01% equity shareholding of Ambit Wealth Private Limited (Target) by Daiwa International Holdings Inc. (Acquirer).

The Proposed Combination envisaged as a subscription to equity shares amounting to 15.01% shareholding, on a fully diluted basis, of the Target by the Acquirer.

The Acquirer is an intermediary management holding company, incorporated in Japan. The Acquirer Group undertakes investment/ financial business, with securities-related business at its core.

The Target, a subsidiary of Ambit Private Limited, is engaged in multiple business activities in India, including the provision of wealth management services.

Detailed order of the Commission will follow.

Daiwa to subscribe 15.01% equity in Ambit Wealth; regulatory approval granted by foreign intermediary investor. Approval has been granted for a subscription to 15.01% equity shareholding in Ambit Wealth Private Limited by Daiwa International Holdings Inc., structured as a minority equity subscription calculated on a fully diluted basis; the Acquirer is a Japan incorporated intermediary management holding company and the Target is a subsidiary engaged in wealth management services.