India, March 5 -- IPO-bound fintech platform Groww's parent Billionbrains Garage Ventures Private Ltd has issued bonus compulsorily convertible preference shares (CCPS) to existing investors Peak XV Partners, Ribbit Capital and Y Combinator.

The development came to fore in a notice issued by the Competition Commission of India (CCI) on March 3. As per CCI's notice, the transaction will also result in collapse of the differential voting rights (DVR) held by Groww cofounders Harsh Jain, Lalit Keshre, Neeraj Singh and Ishan Bansal.

There was no clarity on the quantum of bonus CCPs allotted to the Groww's investors, which were issued to existing backers at no extra cost.

"The proposed transaction comprises of: (i) the proposed collapse of ...