{"id":4946,"date":"2021-01-22T11:36:00","date_gmt":"2021-01-22T06:06:00","guid":{"rendered":"https:\/\/indiacityblog.com\/?p=4946"},"modified":"2021-01-22T11:36:00","modified_gmt":"2021-01-22T06:06:00","slug":"cci-approves-flipkarts-acquisition-of-abfrl-minority-stakes","status":"publish","type":"post","link":"https:\/\/indiacityblog.com\/retail\/cci-approves-flipkarts-acquisition-of-abfrl-minority-stakes-4946\/","title":{"rendered":"CCI approves Flipkart’s acquisition of ABFRL minority stakes"},"content":{"rendered":"
22 January:<\/strong> Flipkart Investments Private Limited had requested purchase of a minority stake in Aditya Birla Fashion and Retail Limited which was approved by the Competition Commission of India. FIPL proposed the acquisition of 7.8% equity shares of the public limited company ABFRL.<\/p>\n The proposal was drafted in October 2020 which mentions that by way of subscription of equity shares, FIPL is to invest a total of Rs. 1,500 crore for minority shareholding of 7.8%, on a fully diluted basis in ABFRL.<\/p>\n Sharing their take of the website, ABFRL said, “In addition to approval of shareholders by way of Postal Ballot (received on November 22, 2020), the issue was subject to regulatory approvals and completion of customary closing conditions under the Investment Agreement. In this regard, we wish to inform you that CCI has accorded its approval to Flipkart for its proposed acquisition of 7.8 per cent equity stake in the company on a fully diluted basis vide its approval letter dated January 20, 2021.”<\/p>\n