General Atlantic Singapore ACK Pte. Ltd. gets CCI nod for Acko Technology & Services Pvt. Ltd. stake increase

The Competition Commission of India (CCI) has approved the acquisition of additional shareholding of Acko Technology & Services Private Limited by General Atlantic Singapore ACK Pte. Ltd. The Proposed Combination envisages acquisition of additional shareholding of Acko Technology & Services Private Limited on a fully diluted basis, crossing the threshold of 25%, pursuant to the Target's Rights Issue.

Source

PIB →

Quick Revision

Prelims-testable facts

01The Competition Commission of India (CCI) has approved the acquisition of additional shareholding of Acko Technology & Services Private Limited by General Atlantic Singapore ACK Pte. Ltd.
02General Atlantic Singapore ACK Pte. Ltd. is an investment holding company incorporated under the laws of Singapore.
03The proposed combination envisages acquisition of additional shareholding of Acko Technology & Services Private Limited by General Atlantic Singapore ACK Pte. Ltd. on a fully diluted basis, crossing the threshold of 25%.
04General Atlantic Singapore ACK Pte. Ltd. is affiliated with a group of General Atlantic investment funds that provide capital and strategic support to growing businesses across several global sectors.
05Acko Technology & Services Private Limited is an Insure-tech private limited company incorporated in India with three wholly owned subsidiaries: Assurelink, Acko General Insurance, and Acko Life Insurance.
06Acko General Insurance and Acko Life Insurance are licensed general (non-life) and life insurance providers, respectively.
07The acquisition of additional shareholding of Acko Technology & Services Private Limited by General Atlantic Singapore ACK Pte. Ltd. is pursuant to the Target's Rights Issue.

Trap alerts

Most people think the acquisition is for the first time, but actually it is an increase in General Atlantic's existing stake in Acko Technology & Services Private Limited.
Most people think General Atlantic Singapore ACK Pte. Ltd. is a new entity, but actually it is an affiliate of General Atlantic investment funds.
Most people think Acko Technology & Services Private Limited is a new company, but actually it is an existing Insure-tech company with wholly owned subsidiaries.

Prelims Practice MCQs

Single facteasy

What percentage of shareholding of Acko Technology & Services Private Limited is being acquired by General Atlantic Singapore ACK Pte. Ltd.?

A.10%
B.25%
C.50%
D.75%

General Atlantic Singapore ACK Pte. Ltd. is acquiring 25% of the shareholding of Acko Technology & Services Private Limited.

Multiple statementsmedium

Consider the following statements regarding General Atlantic Singapore ACK Pte. Ltd.: 1. General Atlantic Singapore ACK Pte. Ltd. is an investment holding company incorporated under the laws of Singapore. 2. General Atlantic Singapore ACK Pte. Ltd. is affiliated with a group of General Atlantic investment funds that provide capital and strategic support to growing businesses across several global sectors. 3. General Atlantic Singapore ACK Pte. Ltd. is a subsidiary of the Reserve Bank of India. How many of the above statements are correct?

A.Only one
B.Only two
C.All three
D.None

Statement 1 is true as per fact 2. Statement 2 is true as per fact 3. Statement 3 is false as there is no mention of General Atlantic Singapore ACK Pte. Ltd. being a subsidiary of the Reserve Bank of India.

← All current affairs