The Competition Commission of India (CCI) has approved the proposed acquisition by Naspers Ventures B.V. in Vastu Housing Finance Corporation Limited.
Naspers Ventures B.V. (Naspers Ventures/ Acquirer) is an indirect, wholly owned subsidiary of Prosus N.V. (Prosus). The Acquirer is an investment holding company and its principal activity is to make investments by providing direct and indirect equity and debt funding.
Vastu Housing Finance Corporation Limited (VHFCL/ Target) is engaged in the provision of home loans, home extension loans, plot and construction loans, construction loan, loans against property, and micro/MSME loans. It has one subsidiary, namely, Vastu Finserve India Private Limited (VFIPL), which is engaged inter alia in the provision of car loans, commercial vehicle loans, tractor loans, construction equipment loan, loans against property, etc.
The proposed transaction involves the acquisition of less than 10% equity shareholding (on a fully diluted basis) in VHFCL by Naspers Ventures (Proposed Combination).
Detailed order of the CCI will follow.
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NB/KMN