The Competition Commission of India (CCI) on Thursday gave its approval for Nextbillion Technology Pvt Ltd’s acquisition of Indiabulls Asset Management Company and Indiabulls Trustee Company. Nextbillion Technology (Groww Group) is India’s investment tech platform.The transaction involves a single share purchase agreement executed between the acquirer, Indiabulls Asset Management Company Ltd (IAMCL) and Indiabulls Trustee Company Ltd (ITCL) and the Indiabulls Housing Finance Ltd, as per a combination notice filed with the regulator.
IAMCL and ITCL are wholly-owned subsidiaries of Indiabulls Housing Finance.
Nextbillion will acquire a 100 per cent stake in both the entities and there are no other interconnected transactions, it added.
“Commission approves acquisition of Indiabulls Asset Management Company and Indiabulls Trustee Company by Nextbillion Technology,” said the regulator in a tweet.
This is the first transaction in India under markets regular Sebi’s new “sponsor” eligibility criteria for mutual funds.
Groww in May had said it would acquire Indiabulls Mutual Fund for a total of Rs 175 crore.
Groww becomes the first fintech to join the asset management space, months after markets regulator Sebi permitted digital platforms like fintechs to enter the mutual fund industry.