Asia II Topco Xiii Pte. Ltd.
Case brief
What is this about?
The Competition Commission of India disposed of a notice regarding the proposed acquisition of warrants by Asia II Topco XIII Pte. Ltd. in Federal Bank Limited. After assessing overlaps in banking and insurance segments, the Commission found the combined presence insignificant and approved the combination under Section 31(1).
What did the court decide?
The Proposed Combination involving the acquisition of warrants in Federal Bank Limited is approved under Section 31(1) of the Act.
What the court decided
A compact analysis
This page shows the compact analysis of this judgement. The full analysis — procedural history, issue-by-issue holdings with ratio and obiter, advocates, and paragraph-level evidence for every claim — is being added to the record in batches and will appear here when this judgement has been through it.
COMPETITION COMMISSION OF INDIA Combination Registration No. C-2025/11/1347
23rd December 2025
Notice under Section 6(2) of the Competition Act, 2002 given by Asia II Topco XIII Pte.
Ltd
CORAM:
Ms. Ravneet Kaur Chairperson Mr. Anil Agrawal Member Ms. Sweta Kakkad Member Mr. Deepak Anurag Member
Order under Section 31(1) of the Competition Act, 2002
- On 20th November 2025, the Competition Commission of India ( Commission ) received a notice ( Notice ) under Section 6(2) of the Competition Act, 2002 ( Act ), given by Asia II Topco XIII Pte. Ltd. ( Acquirer ).
- The Notice relates to proposed acquisition of certain warrants by the Acquirer, each carrying a right to subscribe to one fully paid-up equity share of Federal Bank Limited ( Target ) in accordance with the Investment Agreement dated 24th October 2025 executed by and between the Acquirer and the Target ( Investment Agreement ). Upon full exercise of the warrants, the Acquirer will hold 9.99% of the paid-up share capital of the Target, on a fully diluted basis along with the right to nominate a director on the Target’s board ( Proposed Combination) .
Issues for consideration
3 issues framed by the court
Whether the proposed acquisition of warrants by the Acquirer carrying rights over Federal Bank Limited would cause an appreciable adverse effect on competition (AAEC).
Whether the combined presence of the Acquirer and the Target is significant in the relevant markets.
Whether the Proposed Combination should be approved under Section 31(1) of the Act.
Parties & counsel
- petitioner
Competition Commission of India
- respondent
Asia II Topco XIII Pte. Ltd.
Coram
Ravneet Kaur
Case details
As recorded by the court registry
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