In a release, the fair-trade regulator said it has approved the proposed deal.
M&G Catalyst Capital Fund, Asia Pacific Fund and Prudential Assurance Company are collectively referred to as acquirers.
The combination involves acquirers collectively proposing to subscribe to additional optionally convertible bonds and warrants issued by the Trustroot Internet which convertible into the share capital of the company as per the terms and conditions set out in the subscription agreement in October 2022.
Upon conversion of warrants, the acquirers will hold less than 5 per cent stake in the company on a fully diluted basis.
The acquirers are funds that invest in both public and private enterprises across different industries. M&G plc is the ultimate holding company of these funds. M&G plc together with its group companies and acquirers are referred to as M&G Group.
Trustroot Internet is primarily engaged in an online B2B e-commerce marketplace by the name of ‘Udaan’.
Given that there are no horizontal overlaps, vertical relationships or complimentary links between acquirer/acquirer’s group and target in India, the proposed transaction does not raise any risk of an appreciable adverse effect on competition in India and its being notified under the green channel route,” CCI said.