The Competition Commission of India (CCI) approves the proposed combination involving acquisition of 90% of the shareholding and voting rights of HDFC Credila Financial Services Limited by Kopvoorn B.V., Moss Investments Limited, Infinity Partners and Defati Investments Holding B.V.

Kopvoorn B.V. (BPEA EQT Acquirer) is a private limited liability company incorporated under the laws of the Netherlands. It is ultimately owned by entities forming the investment fund BPEA Private Equity Fund VIII (BPEA Fund VIII), which is an EQT investment fund, and is controlled, managed and advised by entities affiliated with EQT AB. The BPEA EQT Acquirer is accordingly part of the EQT group of investment funds, which together with its subsidiaries and funds is a global investment organisation.

Each of Moss Investments Limited (Moss), Infinity Partners (Infinity) and Defati Investments Holding B.V. (Defati) (Moss, Infinity and Defati collectively being the ChrysCapital Acquirers) are private equity investors which make investments in the ordinary course. The BPEA EQT Acquirer and the ChrysCapital Acquirers are individually referred to as Acquirer and collectively as Acquirers.

HDFC Credila Financial Services Limited (HDFC Credila) is a public limited company incorporated under the Companies Act, 1956. HDFC Credila is a systemically important non-deposit taking non-banking financial company registered with the Reserve Bank of India. It is primarily engaged in the business of providing retail education loans to Indians who wish to pursue higher education both in India and overseas.

The proposed combination pertains to the acquisition by the Acquirers, collectively, of equity shares comprising approx. 90% of the shareholding and voting rights of HDFC Credila by way of purchase by each Acquirer of equity shares from HDFC Limited as well as subscription by each Acquirer to equity shares of HDFC Credila (Proposed Combination)

Detailed order of the CCI will follow.

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PPG/KMN

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