The Competition Commission of India has cleared acquisition of 7.30 percent equity stake in Kishor Biyani-led Future Retail by Future Coupons Ltd (FCL) through conversion of equity warrants.
According to a notice filed with CCI, the proposed combination relates to the allotment of 3.96 crore equity warrants of Future Retail to FCL, priced at Rs 505 apiece aggregating to over Rs 2,000 crore.
Each warrant will be convertible into or exchangeable within a period of 18 months from the date of allotment of the equity warrants, for one equity share of a face value of Rs 2 each.
On conversion of the equity warrants, FCL will hold 7.30 per cent in Future Retail.
The Competition Commission of India (CCI) Thursday said in a tweet that it "approves acquisition of 7.30 per cent equity stake in Future Retail Ltd by Future Coupons Ltd through conversion option on equity warrants".
In a separate tweet, CCI said it finds no appreciable adverse effect on competition in respect of JSW Steel Coated Products Ltd's proposed acquisition of Asian Colour Coated Ispat Ltd.
Through the proposed transaction, JSW Steel proposes to acquire Asian Colour along with its business operations.
The deal involves incorporation of a special purpose vehicle by JSW Steel which will be allotted equity shares of Asian Colour through a series of steps after the acquisition, according to the notice submitted to CCI.
In an another tweet, the regulator said it has approved US-based PGLH's acquisition of 50 per cent shareholding each in DHFL Pramerica Asset Managers and DHFL Pramerica Trustees.
Besides, the regulator approved the sole control over DHFL Pramerica Mutual Fund by PGLH.
PGLH is wholly-owned subsidiary of Prudential Financial, while DHFL Pramerica Asset Managers is engaged in business of providing management advisory service to DHFL Pramerica Mutual Fund.
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