The Competition of Commission of India (CCI) has approved the proposed combination relating to minority investment by India Business Excellence Fund – IV in SK Finance Limited.

India Business Excellence Fund – IV (Acquirer) is a Category II Alternative Investment Fund registered with the Securities and Exchange Board of India. It primarily invests in equity and equity-linked instruments and/or debt and/or mezzanine or other instruments of Indian or India related companies. It is a sector-agnostic fund, providing growth capital to mid-sized companies.

SK Finance Limited (Target) Target is a non-banking finance company registered with the Reserve Bank of India as a Non-Banking Non-Deposit Taking Systemically Important Asset Finance Company engaged in the business of providing financing for vehicles (new and used) and loans to Micro Small and Medium Enterprises. Target largely caters to low-mid income, self-employed individuals that are largely under-banked (in semi-urban/rural areas) with minimal access to organized lending.

The proposed combination relates to a minority investment by Acquirer in the Target by way of subscription to equity shares of the Target and purchase of outstanding equity shares of the Target from Mr. Rajendra Kumar Setia, the promoter of the Target; and Baring Private Equity India AIF (Proposed Combination).

Detailed order of the CCI will follow

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NB/VM/KMN

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