New Delhi: The Competition Commission of India (CCI) has approved the stake acquisition in VVDN Technologies by Kotak Funds and IBEF-IV. The deal has been cleared under the green channel route.
The proposed combination relates to acquisition of shareholding by the Kotak Special Situations Fund (KSSF) and Kotak Pre-IPO Opportunities Fund (KPIOF) through a combination of secondary share purchases of equity shares and subscription to compulsorily convertible debentures of VVDN Technologies, according to CCI.
KSSF and KPIOF are collectively referred to as Kotak Funds. They are engaged in the business of investments to achieve a long-term capital while IBEF-IV (India Business Excellence Fund IV) is a Sebi-registered alternative investment fund.
VVDN Technologies is into providing electronic manufacturing services and original design manufacturing space with global operations.
CCI said it has approved the proposed deal.
“Given that there are no overlaps between the parties to the proposed combination. Additionally there are no horizontal, vertical, and complementary overlaps between the respective groups to which the acquirers belong and the target.
“The proposed combination does not raise any risk of an appreciable adverse effect on competition in any relevant market and is being notified under the green channel route,” according to an update on CCI website.
Under the green channel route, a transaction which does not raise any risk of an appreciable adverse effect on competition is deemed to be approved on being intimated to the anti-trust regulator.
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