CCI approves IFC’s acquisition of stake in Northern Arc Capital

The Competition Commission of India (CCI) has greenlit the acquisition of Compulsorily Convertible Preference Shares (CCPS) in Northern Arc Capital Limited (Northern Arc) by the International Finance Corporation (IFC).

Here’s a breakdown of the deal:

• IFC is acquiring Series C CCPS in Northern Arc, representing about 6% of its total issued share capital.
• These shares come with certain voting rights and the ability to nominate board members.
• IFC is a member of the World Bank Group that supports sustainable growth in various countries. It achieves this by financing private businesses, mobilizing capital, and offering advisory services.
• Northern Arc is an unlisted Indian NBFC that caters to underserved households and businesses by providing lending, distribution, and asset management services.

The CCI’s detailed order on this approval will be released later.