CCI approves acquisition of certain shareholding in Ambit Private Limited by Daiwa International Holdings Inc.

The Competition Commission of India (CCI) approves the acquisition of certain shareholding in Ambit Private Limited by Daiwa International Holdings Inc.

The proposed combination relates to acquisition of certain shareholding in Ambit Private Limited by Daiwa International Holdings Inc. through a combination of primary subscription of shares and secondary share purchases from existing shareholders.

Acquirer

Daiwa International Holdings Inc. is an intermediary management holding company, incorporated in Japan. It was established for the purpose of holding stock or share in a domestic or foreign company and controlling and managing its commercial activities.

Target

Ambit Private Limited is a private company incorporated in India and provides a range of financial services. It is registered with Securities and Exchange Board of India as a merchant banker and its various subsidiaries are engaged in providing lending, stock broking, depository participant, research analyst, portfolio management, mutual fund distribution and fund management services.

Detailed order of the CCI will follow.