The Competition Commission of India (CCI) has given the green signal to Quality Investment Holdings for its proposed acquisition of the entire share capital of Destimoney Enterprises.
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The proposed combination will also result in the indirect acquisition of a 49% stake in Punjab National Bank Housing Finance, which Destimoney holds.
Quality Investment Holdings is owned and controlled by the affiliates of the Carlyle Group, a global alternative asset manager. Destimoney is promoted by New Silk Route, an Asia-focused growth capital firm. It distributes financial products including mortgage and home loans of the third parties and provides advisory and consultancy services for wealth management, investments and financial services.
AZB & Partners submitted the filing on 8 December 2014 and clearance of the CCI’s order was published on 9 February 2015. The AZB team included partner Samir Gandhi and associate Rahul Rai.
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