Contemplated: Another US$50m investment
The Competition Commission of India (CCI) has approved Kora Master Fund LP investment of up to 10% ($75 million) in Edelweiss Securities Limited under sub-section (1) of Section 31 of the Act for loans to smaller sections of businesses.
The New York-headquartered Kora’s investment could be for housing finance or home loans; loans for Small and Medium Enterprises; and microfinancing including agriculture and rural finance in India, said Corporate Affairs Ministry on 16 Oct 2019.
The notification relates to a proposed investment by Kora in Edelweiss Securities Limited (ESL) and Edelweiss Global Investment Advisory Business (EGIA) Subsidiaries of up to Indian Rupee equivalent to US$75 million, as set out in the Share Subscription Agreement.
Kora is also contemplating to invest another US$50 million in the Edelweiss group in the near future.
Incorporated on 6 Dec 2013 under the laws of the Cayman Islands, the Acquirer is a foreign portfolio investor (FPI) registered with the Securities Exchange Board of India (SEBI). Its principal activity is that of investment holding and related activities.
The Target Entities belong to the Edelweiss Group, with Edelweiss Financial Services Limited (EFSL) as the ultimate holding company, are broadly engaged in the Edelweiss Global Investment Advisory Business. fiinews.com
