Firm Matters

Khaitan & Co advised and assisted Kedaara Pearl Holding and Kedaara Capital Fund IV AIF (Kedaara Funds) in securing an unconditional approval from the Competition Commission of India (CCI) for their subscription of minority shareholding in Axis Finance Ltd (AFL).

AFL is an India-incorporated public unlisted company operating as a Non-Banking Financial Company and is a wholly-owned subsidiary of Axis Bank Ltd. It is primarily engaged in providing a range of financial services, including wholesale lending, MSME financing, retail loans to individuals and businesses across India.  

The transaction is notable for reflecting the CCI’s detailed assessment of a minority investment in the highly regulated financial services sector.

Kedaara Pearl Holding is a Category II Alternative Investment Fund (“AIF”) registered with the International Financial Services Centres Authority. Kedaara Capital Fund IV AIF is a Category II AIF registered with the Securities and Exchange Board of India. Kedaara Funds are investment vehicles forming part of the Kedaara group.

Quotation by Partner, Anisha Chand: “This transaction highlights the CCI’s nuanced approach to assessing investments in regulated financial institutions and underscores sustained investor confidence in India's evolving financial services landscape.