Fair trade regulator Competition Commission of India (CCI) has granted approval to Alpha Alternatives Group for the acquisition of a 10 per cent stake in Dilip Buildcon, according to a notice. The CCI cleared the deal under the green channel route.
The transaction involves the acquisition of 9.99 per cent of the equity stake in DBL by way of subscription to warrants by Alpha Alternatives Holdings Pvt Ltd (AAHPL), and its other entities, the CCI said in the notice on Friday.
The commission has also approved the acquisition of 26 per cent equity shareholding and investment in certain non-convertible debentures (NCDs) in DBL’s Special Purpose Vehicles (SPVs) by AAHPL along with its affiliates.
The SPVs operate Hybrid Annuity Model (HAM) projects (constructed and under-construction projects) engaged in the road infrastructure sector in India.
AAHPL is a multi-asset class asset management firm that raises capital and manages investments on behalf of its clients.
In November, engineering procurement and construction (EPC) firm Dilip Buildcon said it was looking to raise up to Rs 2,000 crore from Naresh Kothari-led alternative assets investor Alpha Alternatives Group, through a combination of warrants and InvIT route.
Meanwhile, in another deal, the anti-trust regulator also gave its nod to purchase M&G Plc’s 11 per cent stake in Trustroot Internet Pvt Ltd.
Trustroot Internet is an online B2B e-commerce platform by the name of ‘Udaan’.
The deal relates to the acquirers (Catalyst Fund, Asia Pacific Fund, and Prudential Assurance Company) collectively propose to subscribe to certain preference shares of Trustroot Internet and convert the existing convertible bonds and warrants into the share capital of the company.
After the conversion, the M&G Group would hold approximately 11 per cent of the share capital of Trustroot Internet.
The acquirers are solely within the ultimate beneficial ownership of London-based investment manager M&G plc and together with its group companies and funds they are referred as the ‘M&G Group’.
“The proposed transaction will not cause appreciable adverse effect on competition as there are no horizontal overlaps, vertical and/or complementary links between the activities of the acquirers (including its affiliates) and the target (including its affiliates),” the CCI said.
The proposed transaction is being notified to the commission under the green channel route, it added.
Under the green channel route, a transaction which does not raise any risk of an appreciable adverse effect on competition is deemed to be approved on being intimated to the fair-trade regulator.
