The Competitors Fee of India (CCI) has accredited the acquisition of stake in IIFL Residence not directly by Abu Dhabi Funding Authority (ADIA).

The proposed transaction pertains to the acquisition of as much as 20 per cent stake in IIFL Residence Finance by Platinum Owl C 2018 RSC Ltd, a trustee performing for Platinum Jasmine Belief.

ADIA is the only beneficiary and settlor of the Platinum Jasmine Belief.

In a tweet on Friday, the CCI stated it has accredited the “acquisition of stake in IIFL Residence not directly by ADIA Group”.

In June, IIFL Residence Finance, a subsidiary of IIFL finance Ltd, had entered into definitive agreements for elevating Rs 2,200 crore of major capital for a 20 per cent stake from a wholly-owned subsidiary of ADIA.

IIFL House is a housing finance firm and is a wholly-owned subsidiary of IIFL Finance Restricted.

Offers past a sure threshold require approval from the regulator, which retains a tab on unfair enterprise practices out there place.

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