CCI approves Shinhan Bank’s stake in HDFC Credila and Matrix Pharma’s acquisition of Tianish Labs

The Competition Commission of India (CCI) has approved a proposal for South Korea-based Shinhan Bank to acquire an 11% stake in HDFC Credila Financial Services.

Shinhan Bank Co Ltd, part of the Shinhan Financial Group, is an international bank that started operations in India in 1996.

“The proposed merger involves Shinhan Bank acquiring up to approximately 11 per cent stake in HDFC Credila by way of subscription to shares of HDFC Credila,” CCI said in a statement on Tuesday.

HDFC Credila Financial Services is a non-banking financial company registered with the Reserve Bank of India (RBI). It primarily deals in educational loans in India and abroad.

In a subsequent announcement, the competition supervision authority granted Matrix Pharma consent to acquire 100% of shares in Tianish Laboratories.

The acquisition will be partially financed by an investor-proposed investment in optional convertible notes of Mudhra Labs, the holding company of Matrix Pharma.

The regulator also approved Kingsman’s investment in compulsorily convertible preference shares of Mudhra Lifesciences, the largest holding company of Matrix Pharma. The proceeds from these investments will be used by Matrix Pharma to acquire Tianish Laboratories.

Tianish Laboratories Pvt Ltd is engaged in the business of manufacturing and selling active pharmaceutical ingredients in India.

Kingsman Wealth Fund PCC – Aurisse Special Opportunities Fund (Kingsman) has a global operating license issued by the Financial Services Commission of Mauritius.

Fair trading regulator CCI said it had approved the deals.

Transactions exceeding a certain threshold require approval from a regulatory body that monitors unfair business practices and promotes fair competition in the market.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)