In an order released today, the Competition Commission of India (CCI) said it is approving the deal as the proposed transaction is between entities from same group and is "not likely to raise any adverse competition concern in India".
As per the proposed transaction, Shriram Enterprise Holdings Pvt Ltd (SEHPL) would be first amalgamated with Shriram Retail Holdings Pvt Ltd (SRHPL) and thereafter the consolidated entity would be merged into Shriram City Union Finance Ltd (SCUFL).
SEHPL is currently a wholly owned subsidiary of SRHPL and after the completition of all stages of the transaction, SCUFL would remain as the single "surviving entity", the companies had said in their application for CCI approval.
Further, as per the notice, 51 percent stake in SRHPL is held by Shriram Capital Ltd (SCL) and the rest 49 percent by TPG India Investment Ltd. Moreover, SRHPL holds 50.67 percent stake, while SCL holds 4.38 per cent in SCUFL, the rest is held by public shareholders, CCI said in order dated December 11.
Following the merger, SCL would hold 30.4 percent in SCUFL, TPG India Investment would hold 25.04 percent while the rest would be held by public shareholders. Another subsidiary of SCUFL, Shriram Housing Finance would continue to remain a subsidiary of SCUFL, CCI said.
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