M&G Group gets CCI nod for subscription of Trustroot Internet bond, warrants - Moneycontrol

PTI

November 21, 2022 / 08:50 PM IST

The Competition Commission of India (CCI) connected Monday said the projected woody of M&G Group subscribing to convertible bonds and warrants issued by Trustroot Internet Pvt Ltd has been cleared nether the greenish transmission route.

Under the greenish route, a woody which does not rise immoderate hazard of an appreciable adverse effect connected contention is deemed to beryllium approved connected it being intimated to the contention watchdog.

In a release, the fair-trade regulator said it has approved the projected deal.

M&G Catalyst Capital Fund, Asia Pacific Fund and Prudential Assurance Company are collectively referred to arsenic acquirers.

The operation involves acquirers collectively proposing to subscribe to further optionally convertible bonds and warrants issued by the Trustroot Internet which convertible into the stock superior of the institution arsenic per the presumption and conditions acceptable retired successful the subscription statement successful October 2022.

Upon conversion of warrants, the acquirers volition clasp little than 5 per cent involvement successful the institution connected a afloat diluted basis.

The acquirers are funds that put successful some nationalist and backstage enterprises crossed antithetic industries. M&G plc is the eventual holding institution of these funds. M&G plc unneurotic with its radical companies and acquirers are referred to arsenic M&G Group.

Trustroot Internet is chiefly engaged successful an online B2B e-commerce marketplace by the sanction of 'Udaan'.

Given that determination are nary horizontal overlaps, vertical relationships oregon complimentary links betwixt acquirer/acquirer's radical and people successful India, the projected transaction does not rise immoderate hazard of an appreciable adverse effect connected contention successful India and its being notified nether the greenish transmission route," CCI said.