The Competition Commission of India on Tuesday cleared a proposed combination involving the merger of Chaitanya India Fin Credit and Svatantra Holdings into Ananya Birla-led Svatantra Microfin.
"The proposed transaction relates to the amalgamation of Svatantra Holdings Pvt Ltd (SHPL) and Chaitanya India Fin Credit (CIFCL) into Svatantra Microfin Pvt Ltd (SMPL), through the scheme of amalgamation entered into between SHPL, CIFCPL, SMPL and their respective shareholders as has been approved by the board of directors," CCI said in a release.
Post-merger, Svatantra Micro Housing Finance Corp. will become a wholly-owned subsidiary of Svatantra Microfin Pvt., it added.
Svatantra Holdings is an unregistered core investment company, while Ananya Birla led-Svatantra Microfin is a RBI-registered non-deposit taking non-banking financial company-micro finance institution.
"Commission approves amalgamations of Chaitanya India Fin Credit Pvt Ltd and Svatantra Holdings Pvt Ltd into Svatantra Microfin Pvt Ltd," the Competition Commission of India said.
Chaitanya India Fin Credit is a microfinance institution which was set up by Anand Rao and Samit Shetty in 2009, and Svatantra Micro Housing Finance Corp is a registered non-deposit taking housing finance company.
Deals beyond a certain threshold require approval from the regulator, which keeps a tab on unfair business practices as well as promotes fair competition in the marketplace.
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