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In the run up to Groww’s IPO, the Competition Commission of India (CCI) has approved Singapore sovereign fund GIC’s stake acquisition in the fintech unicorn.
In a statement, the CCI said it approved the proposal of GIC Ventures’ subsidiary Viggo Investment to buy a 2.14% stake in the investment tech major. The investor had sought the CCI’s approval for the transaction in May.
Last month, Groww’s board approved the allotment of 1.8 Cr Series F CCPS for INR 869 Cr and 1,000 equity shares to GIC for INR 96,560. Groww closed the funding round raising $202.3 Mn (around INR 1,735 Cr) from GIC and ICONIQ Capital at a valuation of $7 Bn.
Pursuant to closing the Series F round, Groww took the confidential route to file its draft red herring prospectus (DRHP) with SEBI. Its IPO size is said to be around $700 Mn to $1 Bn, comprising a mix of a fresh issue and an offer-for-sale component.
(The story will be updated soon)
The post CCI Approves GIC’s Investment In IPO-Bound Groww appeared first on Inc42 Media.
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