New Delhi, April 2 (IANS): The Competition Commission of India (CCI) has approved the acquisition of compulsorily convertible preference shares in Northern Arc Capital Limited by the World Bank’s International Finance Corporation (IFC).

The proposed combination involves the acquisition of fully paid subscription shares in Northern Arc by the IFC. The subscription shares represent approximately 6 per cent of the total issued and paid-up share capital of Northern Arc on a fully diluted basis, along with certain affirmative voting rights and board nomination rights.

Northern Arc, an unlisted non-banking financial company (NBFC) in India, is engaged in catering to the diverse retail credit requirements of under-served households and businesses in the country. Its services in the sector include lending, distribution, and asset management.

IFC is the World Bank’s arm that helps countries achieve sustainable growth by financing private sector investment, mobilising capital in international financial markets, and providing advisory services to businesses and governments.