CCI APPROVES THE PROPOSED ACQUISITION OF UP TO 9.99% OF THE PAID UP SHARE CAPITAL OF IDFC FIRST BANK LIMITED BY CURRANT SEA INVESTMENTS B.V.

India, June 3 -- The Government of India issued the following news release:

The Competition Commission of India has approved the proposed acquisition of up to 9.99% of the paid up share capital of IDFC First Bank Limited by Currant Sea Investments B.V.

The proposed combination entails the acquisition of up to 9.99% of the paid up share capital (on a fully diluted basis) of IDFC First Bank Limited (IDFC/Target) by way of subscription to 81,26,94,722 compulsorily convertible cumulative preference shares (CCPS) by Currant Sea Investments B.V. (Currant Sea/Acquirer).

The Acquirer is an investment holding company incorporated in the Netherlands.

The Target is engaged in the business of providing banking services i.e., taking deposits; provid...