The Competition Commission of India (CCI) said it has cleared the proposed acquisition of a minority stake in Aditya Birla Fashion and Retail Ltd. (ABFRL) by Caladium Investments, an affiliate of Singapore-based sovereign wealth fund GIC.
The proposed transaction relates to the acquisition of a 7.49 per cent stake in ABFRL on a fully diluted basis by Caladium Investments Pte. Ltd. by way of preferential issuance of equity and warrants, CCI said in a tweet.
The competition watchdog further said that it has approved the ‘merger of Aditya Marketing and Manufacturing Pvt Ltd. into Umang Commercial Company Pvt Ltd’.
As a result of the merger, the shares held by Aditya Marketing in various entities will also get transferred to the Umang Commercial.
Umang Commercial is an investment holding company of Kumar Mangalam Birla and also a part of Aditya Birla Group, while Aditya Marketing and Manufacturing is an investment holding company of BK Birla Group.
