CCI approves transaction for divestment of mutual fund business of Indiabulls Housing Finance subsidiaries to Groww

The transaction was between Indiabulls Asset Management and Indiabulls Trustee - wholly owned subsidiaries of the Company and Nextbillion Technology.

Sep 13, 2021 11:09 IST India Infoline News Service

Indiabulls Housing Finance
Indiabulls Housing Finance Limited informed the stock exchanges Friday regarding the execution of a definitive transaction document between Indiabulls Asset Management Company Limited (IMACL) and Indiabulls Trustee Company Limited (ITCL) - wholly-owned subsidiaries of the Company and Nextbillion Technology Private Limited (Groww) in relation to the divestment of mutual fund business being carried out by IAMCL and ITCL to Groww (Transaction).

The Competition Commission of India has pursuant to a communication letter dated September 9, 2021, approved the Transaction under section 31(1) of the Competition Act, 2002, as amended, company said in a filing.

At around 11.05 AM, Indiabulls Housing Finance Ltd was trading at Rs226 per piece down by Rs1.4 or 0.62% from its previous closing of Rs227.40 per piece on the BSE.

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