CCI okays 16.94% acquisition of IRB Infra Developers by Bricklayers Investment
The proposed combination relates to GIC Investor’s acquisition of the Target on a fully diluted basis and non-fully diluted basis, through the subscription of new shares issued by way of a preferential issue on a private placement, CCI said in a statement.
- Dec 21, 2021,
- Updated Dec 21, 2021 2:24 PM IST
The Competition Commission of India (CCI) on Tuesday approved the acquisition of up to 16.94 per cent equity share capital of IRB Infrastructure Developers Limited (IRB /Target) by Bricklayers Investment Pte. Ltd. (GIC Investor/Acquirer).
The proposed combination relates to GIC Investor’s acquisition of the Target on a fully diluted basis and non-fully diluted basis, through the subscription of new shares issued by way of a preferential issue on a private placement, the commission said in a statement.
GIC Investor is a foreign direct investor, which is a wholly-owned subsidiary of GIC Infra Holdings Pte. Ltd. (GIC Infra) which, in turn, is a wholly-owned subsidiary of GIC (Ventures) Private Limited (GIC Ventures). It was incorporated on 22 May 2019 and is a special purpose vehicle (SPV) organised as a private limited company in Singapore that is part of a group of investment holding companies managed by GIC Special Investments Private Limited (GICSI).
Besides that, Target is a public company incorporated in India in 1998 and is the holding company of the IRB Group. It is primarily engaged in carrying out construction works in accordance with engineering, procurement and construction (EPC) contracts, providing operation and maintenance (O&M) services of roads and highways.
Moreover, Target has ancillary interests in power generation through wind sources, real estate service and the development and operation of airports.
The Competition Commission of India (CCI) on Tuesday approved the acquisition of up to 16.94 per cent equity share capital of IRB Infrastructure Developers Limited (IRB /Target) by Bricklayers Investment Pte. Ltd. (GIC Investor/Acquirer).
The proposed combination relates to GIC Investor’s acquisition of the Target on a fully diluted basis and non-fully diluted basis, through the subscription of new shares issued by way of a preferential issue on a private placement, the commission said in a statement.
GIC Investor is a foreign direct investor, which is a wholly-owned subsidiary of GIC Infra Holdings Pte. Ltd. (GIC Infra) which, in turn, is a wholly-owned subsidiary of GIC (Ventures) Private Limited (GIC Ventures). It was incorporated on 22 May 2019 and is a special purpose vehicle (SPV) organised as a private limited company in Singapore that is part of a group of investment holding companies managed by GIC Special Investments Private Limited (GICSI).
Besides that, Target is a public company incorporated in India in 1998 and is the holding company of the IRB Group. It is primarily engaged in carrying out construction works in accordance with engineering, procurement and construction (EPC) contracts, providing operation and maintenance (O&M) services of roads and highways.
Moreover, Target has ancillary interests in power generation through wind sources, real estate service and the development and operation of airports.