Deal Approval: CCI approves Blackstone’s entry into Federal Bank; Tata Steel gets approval for BlueScope buyout – The Times of India

The Competition Commission of India on Tuesday approved US private equity firm Blackstone’s proposal to acquire up to 9.99 percent stake in Federal Bank through warrants, paving the way for the global investor’s entry into the private lender.In a press release, the fair trade regulator said the proposed transaction involves Asia II Topco“The proposed combination contemplates the acquisition of certain warrants by Asia II TopcoUpon full exercise of the warrants, the acquirer will own 9.99 percent of the paid-up share capital of Federal Bank on a fully diluted basis, according to the CCI. Blackstone will also have the right to appoint a director to the bank’s board, as long as the bank owns at least a 5 percent stake.Federal Bank is a private sector commercial lender that offers a range of banking products and services, including deposits, loans and payment solutions.In a separate approval, the CCI also approved Tata Steel Ltd’s proposal to acquire sole control of Tata BlueScope Steel by acquiring the remaining 50 percent equity stake of BlueScope Steel Asia Holdings Pty Ltd.“The Commission approves Tata Steel Limited’s proposed acquisition of sole control of Tata BlueScope Steel Pvt. Ltd. by acquiring the remaining 50 percent equity stake currently held by BlueScope Steel Asia Holdings Pty Ltd.,” the watchdog said in a notice on X.Tata BlueScope Steel is currently a 50:50 joint venture between BlueScope Steel Ltd of Australia and Tata Steel Downstream Products Ltd. Tata Steel is engaged in iron ore mining and steelmaking, while Tata Steel Downstream Products operates in the coated steel segment, offering surface-coated steel products and related solutions.Transactions exceeding certain thresholds require approval from the competition regulator, which is mandated to prevent unfair trade practices and ensure fair competition in the market.