CCI approves Kedaara Capital Fund's acquisition of 1.74% equity stake in Lenskart, also clears acquistion of majority stake in Indira IVF by Zonnebaars

CCI approves acquisition of stake of Lenskart Solutions by Kedaara Capital Fund III LLP: The Competition Commission of India (CCI) on Tuesday approved the acquisition of of 1.74 per cent equity stake of Lenskart Solutions Private Limited by Kedaara Capital Fund III LLP.

Lenskart Solutions is a private limited company that is involved in the manufacture and retail sale of eyewear products like eyeglasses, sunglasses and eyewear accessories and in wholesale trading of eyewear products.

As per the official release, the proposed combination relates to the acquisition of approximately 1.74% of the issued share capital on a fully diluted basis of Lenskart Solutions Private Limited by Kedaara Capital Fund III LLP.

In a tweet on Tuesday, the Competition Commission of India (CCI) said it has approved the "acquisition of approximately 1.74 per cent equity share capital of Lenskart Solutions Pvt Ltd by Kedaara Capital Fund III LLP (Kedaara Group)". 

C-2023/08/1047 CCI approves acquisition of approximately 1.74% equity share capital of Lenskart Solutions Private Limited by Kedaara Capital Fund III LLP (Kedaara Group).

#CCIMerger #Mergers pic.twitter.com/qw74nWh7kf

— CCI (@CCI_India) October 3, 2023

As per the official release, Kedaara Capital is a private equity fund, registered with the Securities and Exchange Board of India (SEBI) as a Category II Alternative Investment Fund, and is engaged in the activity of investing in companies.

The Commission informed that a detailed order will follow spelling out the nitty-gritties of the stake acquisition.

CCI clears acquistion of majority stake in Indira IVF by Zonnebaars

In another tweet, the fair trade regulator said it has cleared the acquisition of a majority stake in Indira IVF by Zonnebaars, owned by BPEA Private Equity Fund VIII.

BPEA Private Equity Fund VIII is an investment fund owned and controlled by Swedish-based EQT AB. Further, the CCI also approved the amalgamation of Spaceway Wellness into Indira IVF. The company provides in vitro fertilisation treatment through its hospitals/centres across the country. Spaceway is one of the promoters of Indira IVF. 

C-2023/08/1050 CCI approves acquisition of majority stake in Indira IVF by Zonnebaars and amalgamation of Spaceway Wellness into Indira IVF.#CCIMerger #Mergers pic.twitter.com/AoAoRSVCVt

— CCI (@CCI_India) October 3, 2023

In July this year, EQT announced that BPEA Private Equity Fund VIII has agreed to acquire a controlling stake in Indira IVF, from TA Associates and Murdia family, who will retain a significant minority stake and continue to lead the company.

Deals beyond a certain threshold require approval from the regulator, which keeps a tab on unfair business practices and promotes fair competition in the marketplace.
 

(With Agency Inputs)