The Competition Commission of India (CCI) has approved the stake acquisition in VVDN Technologies by Kotak Funds and India Business Excellence Fund IV (IBEF-IV). The deal has been cleared under the green channel route.
According to CCI, the proposed combination relates to the acquisition of shareholding by the Kotak Special Situations Fund and Kotak Pre-IPO Opportunities Fund through a combination of secondary share purchases of equity shares and subscription to compulsorily convertible debentures of VVDN Technologies.
Further, CCI said that there are no overlaps between the parties to the proposed combination. Additionally, there are no horizontal, vertical, or complementary overlaps between the respective groups to which the acquirers belong and the target. Thus, the proposed combination does not raise any risk of an appreciable adverse effect on competition in any relevant market and has been notified under the green channel route.