General Atlantic gets CCI nod to buy stake in IIFL Wealth

Investment firm General Atlantic Singapore Fund has received fair trade regulator CCI's approval to buy over 5.66 lakh shares of IIFL Wealth Management. Asset management firm IIFL Wealth is a subsidiary of IIFL Holdings.

In a tweet today, the Competition Commission of India (CCI) said it has approved "acquisition of 5,66,500 equity shares of IIFL Wealth Management Ltd by General Atlantic Singapore Fund, pursuant to exercise of its pre-emptive rights".

According to the notice submitted to the CCI, General Atlantic Singapore Fund had proposed to subscribe to 5,66,500 equity shares of IIFL Wealth Management, following the exercise of its pre-emptive rights under the shareholders agreement dated October 24, 2015.

In January 2016, the regulator had approved General Atlantic Singapore Fund's acquisition of 21.61 per cent stake in IIFL Wealth Management.

General Atlantic Singapore Fund is managed and advised by entities controlled by General Atlantic Service Company.

IIFL Wealth Management is engaged in portfolio management services, investment advisory services, distribution of financial products and stock broking services, among others.