CCI Approved Daiwa International’s Acquisition of Shareholding in Ambit

CCI Approved Daiwa International’s Acquisition of Shareholding in Ambit

The Competition Commission of India (CCI) has approved the acquisition of a certain shareholding in Ambit Private Limited (APL) by Daiwa International Holdings Inc.

The proposed combination relates to the acquisition of a certain shareholding in APL through a combination of primary subscription of shares and secondary share purchases from existing shareholders.

Daiwa International Holdings Inc. is an intermediary management holding company, incorporated in Japan.

It was established for the purpose of holding stocks or shares in a domestic or foreign company and controlling and managing its commercial activities.

Ambit Private Limited is a private company incorporated in India and provides a range of financial services.

It is registered with the Securities and Exchange Board of India (SEBI) as a merchant banker and its various subsidiaries are engaged in providing lending, stock broking, depository participation, research analysis, portfolio management, mutual fund distribution, and fund management services.

As per the summary of the acquisition, the purpose of the proposed combination is being undertaken to expand the Daiwa International group’s business in India, and to benefit from a long-term inclusive growth of the Indian economy.

The target company- Ambit expects that the Proposed Combination would lead to synergies in terms of capabilities, as well as help the Ambit offer wider coverage of research and more qualitative corporate access service, which will benefit existing clients in the Indian market.

The CCI via twitter announced, “Commission approves the acquisition of certain shareholding in Ambit Private Limited by Daiwa International Holdings Inc.”