The Commission has approved the proposed acquisition of certain shareholding in RBL Bank Limited by Emirates NBD Bank (P.J.S.C.)
The proposed combination envisages the acquisition of shareholding of up to 74% (and not less than 51%) of RBL Bank Limited (RBL) by Emirates NBD Bank (P.J.S.C.) (ENBD), pursuant to:
- A mandatory open offer under the provisions of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 representing up to 26% of the expanded voting capital of RBL;
- A preferential allotment of equity shares amounting to up to 60% of the total paid-up equity share capital of RBL; and
- The proposed amalgamation of ENBD’s banking operations in India (carried on through the branch mode and operating through its network of 3 branches in India) (ENBD India Branches) into and with RBL on a going concern basis.
ENBD is a public joint stock company listed on the Dubai Financial Market, and headquartered in Dubai, United Arab Emirates (UAE). ENBD is a banking group active in several countries including India. It is engaged in range of banking products and services including retail banking, corporate and institutional banking, Islamic banking, investment banking, private banking, asset management, global markets and treasury, and brokerage operations.
RBL is a listed company incorporated in India, operating in the business of providing banking, financial and insurance services. It is a private sector bank and offers inter alia deposit taking services, loans and lending services, digital payment services and cash management services. RBL also has an IFSC Banking Unit (IBU) in GIFT City, which functions as an overseas branch.
Detailed order of the Commission will follow.
CCI approves acquisition of certain equity stake in Apollo Health and Lifestyle Limited (Target) by Apollo Hospitals Enterprise Limited (Acquirer)
The Competition Commission of India (CCI) has approved acquisition of certain equity stake in Apollo Health and Lifestyle Limited (Target) by Apollo Hospitals Enterprise Limited (Acquirer).
The Proposed Combination involves the acquisition by the Acquirer of an additional 30.58% shareholding in the Target. As on date, the Acquirer already holds 68.84% shareholding in the Target, which will increase to 99.42% post-Proposed Combination.
The Acquirer is a publicly listed company and is the parent company of the Apollo Hospitals group. The Acquirer Group is engaged in providing a variety of services in the healthcare sector in India.
The Target Group is engaged in the provision of primary and secondary healthcare services, diagnostic services, and telemedical consultation services in India.
Detailed order of the Commission will follow.
CCI approves proposed combination between Bhushan Power and Steel Ltd, JSW Sambalpur Steel, JFE Steel Corp. and JSW Kalinga Steel
The CCI has approved proposed combination between Bhushan Power and Steel Limited (BPSL), JSW Sambalpur Steel Limited (JSW Sambalpur), JFE Steel Corporation (JFE) and JSW Kalinga Steel Ltd. (JSW Kalinga).
The proposed combination pertains to the (a) transfer of BPSL’s steel business undertaking (Target Business) to JSW Sambalpur by way of slump sale; and (b) the acquisition by JFE of a 50% direct shareholding in JSW Kalinga, thereby resulting in an indirect acquisition of 50% shareholding by JFE in JSW Sambalpur. Thereafter, JSW Kalinga (and therefore, indirectly, JSW Sambalpur) will be operated as a 50:50 joint venture between JFE and JSW Steel Ltd. (JSW Steel).
JFE is part of the JFE Group under which there are three operating companies, namely – JFE (steel business), JFE Engineering Corporation (engineering business) and JFE Shoji Corp (trading business).
JSW Kalinga is a wholly owned subsidiary of Piombino Steel Limited (PSL), which is a subsidiary of JSW Steel Limited. JSW Kalinga is yet to commence commercial operations.
JSW Sambalpur is a wholly owned subsidiary of JSW Kalinga. Post the Proposed Transaction, it will own the Target Business. JSW Sambalpur is yet to commence commercial operations.
The Target Business is currently owned by BPSL. BPSL is a public limited company engaged in integrated steel manufacturing operations, including downstream processing of finished steel products. As on date, BPSL is an indirect subsidiary of JSW Steel, held through PSL.
Detailed order of the Commission will follow.
CCI approves acquisition of 50.01% equity share capital of Thriveni Pellets Pvt Ltd by Tata Steel Ltd
The Commission has approved acquisition of 50.01% equity share capital of Thriveni Pellets Pvt Ltd by Tata Steel Ltd.
The proposed combination relates to Tata Steel Limited’s proposed acquisition of 50.01% equity share capital of Thriveni Pellets Private Limited (TPPL) from Thriveni Earthmovers Private Limited.
Tata Steel Limited is a public limited listed entity engaged in integrated steel manufacturing operations, ranging from mining to steelmaking to further processing. It is engaged in the production and sale of steel and related steel products, serving diverse sectors such as agriculture, automotive, construction, energy and infrastructure. It is inter alia also engaged in the mining of iron ore, and production of iron ore pellets, sponge iron and crude steel.
TPPL is a private limited company engaged in the sale of iron ore pellets in India. TPPL’s wholly owned subsidiary, Brahmani River Pellets Limited, is also engaged in production and sale of iron ore pellets in India.
Detailed order of the Commission will follow.
