The Competition Commission of India (CCI) approves acquisition of stake by CA Basque Investments (Acquirer) of Yes Bank Limited (Target), under Section 31(1) of the Competition Act, 2002.
The Proposed Combination pertains to the Acquirer acquiring up to 10% of the total paid up share capital and voting rights of the Target, by way of subscription to equity shares and warrants.
The Acquirer is a newly formed special purpose vehicle (incorporated in the Republic of Mauritius) and is fully owned by CA Marans Investments (incorporated in the Republic of Mauritius), which is ultimately controlled by the funds managed by the affiliates of The Carlyle Group Inc. The Acquirer is an investment holding entity and does not have any business activities in India.
The Carlyle Group Inc., is a global investment firm, which manages funds that invest globally across three investment disciplines: (a) global private equity (including corporate private equity, real estate, and natural resources funds); (b) global credit (including liquid credit, illiquid credit, and real assets credit); and (c) global investment solutions (private equity fund of funds program, which include primary fund, secondary and related co-investment activities, commingled funds and separately managed accounts).
The Target is a banking company engaged in providing a wide range of banking and financial services offerings, catering to retail, Micro, Small & Medium Enterprise as well as corporate clients. The Target has one wholly-owned subsidiary namely, YES Securities (India) Limited (YSIL). The Target is a publicly held company, listed on the National Stock Exchange of India Ltd. and BSE Ltd. The Target was incorporated as a limited company under the Companies Act, 1956, on 21 November 2003. Whilst both, the Target and YSIL possess a Category 1 Merchant Banking license, however, the investment banking, merchant banking & brokerage businesses are predominantly operated through YSIL.
YSIL is a full-scale capital markets intermediary, offering retail, high net-worth individuals, corporate and institutional customers a comprehensive range of products and services encompassing broking, fund management, investment banking (including a dedicated sustainable investment banking practice), merchant banking, research and institutional equities sales and trading.
Detailed order of the CCI will follow.