hero fincorp: CCI approves transaction to purchase shares in Hero FinCorp

New Delhi: Competition Commission of India (IHK) share purchase approved on Monday Hero FinCorp Ltd by a Singapore based company which is a subsidiary of Apollo Global Management. AHVF II Holdings Singapore II Pte. Ltd will purchase certain compulsory convertible preferred stock of Hero FinCorp Ltd.

In a press release Monday, CCI said it has approved the proposed deal.

The proposed combination relates to AHVF II’s subscription of certain compulsory convertible preferred shares of Hero FinCorp and upon conversion will represent a certain interest in the company, according to an official statement.

Hero FinCorp is the lending arm of hero group.

The acquirer owns mutual funds managed by affiliates of Apollo Management, LP Apollo Management, LP, its affiliates and mutual funds managed by its affiliates.

Mutual funds managed by Apollo affiliates invest in companies and debt securities issued by companies engaged in various business sectors.

Deals in excess of the threshold require approval from CCI, which monitors unfair commercial practices in the market. hero fincorp: CCI approves transaction to purchase shares in Hero FinCorp

Adam Bradshaw

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