The Competition Commission of India (CCI) has approved the acquisition of equity shares amounting to 14.286% of the Aditya Birla Housing Finance Limited by the Indriya Limited.

The Proposed Combination envisages acquisition of equity shares (by way of preferential issue on a private placement basis) amounting to 14.286% of the post-issue paid up equity share capital of the Aditya Birla Housing Finance Limited (Target), on a fully diluted basis by the Indriya Limited (Acquirer).

The Acquirer is an investment holding company. Currently, it does not have any operations in India.

The Target is a housing finance company in India, registered with the National Housing Bank as a non-deposit accepting housing finance company, and is engaged in the business of providing home loans, loans against property, construction finance loans, and lease rental discounting loans.

Detailed order of the Commission will follow.

Competition approval for minority equity acquisition in a housing finance company through preferential issue and private placement. Approval was granted for a proposed combination involving acquisition of equity shares in a housing finance company through a preferential issue on a private placement basis. The transaction contemplates acquisition of 14.286% of the post-issue paid-up equity share capital of the target on a fully diluted basis by an investment holding company. The target is a non-deposit accepting housing finance company registered with the National Housing Bank and engaged in home loans, loans against property, construction finance loans, and lease rental discounting loans.