India, April 2 -- Update | April 2 3:55 PM

About a month after investment tech major Groww initiated its stakeholder rejig bid, the Competition Commission of India (CCI) has approved the proposed transactions.

On April 1, the competition watchdog passed an order approving the following transactions:

Issuance of compulsorily convertible preference shares (Bonus CCPS) to investors Peak XV Partners, Ribbit and Y-Combinator.

Collapse of the differential voting rights (DVRs) held by the startup's cofounders - Lalit Keshre, Harsh Jain, Neeraj Singh and Ishan Bansal.

"The Proposed Transaction is being notified to the Hon'ble Commission as an acquisition under Section 5(a)(i)(A) of the Competition Act, 2002.The notification is a technical fi...