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The Competition Commission of India has granted approval for AXDI LDII SPV 1 Ltd to acquire a 10.04 per cent shareholding in Aadhar Housing Finance, signalling regulatory clearance for a key investor transaction in the housing finance sector. The acquisition, involving a special-purpose vehicle incorporated in the Abu Dhabi Global Market, will see the stake purchased from BCP Topco VII Pte Ltd, the promoter of the company. In a parallel development, an open offer for equity shares in Aadhar Housing Finance was launched under Securities and Exchange Board of India regulations by BCP Asia II Holdco VII and affiliated Blackstone entities acting in concert, although no public shares had been tendered into the offer as of early February. The CCI's approval is a significant regulatory milestone for the investment.
The Competition Commission of India (CCI) has approved the acquisition of a 10.04 per cent shareholding in Aadhar Housing Finance Ltd by AXDI LDII SPV 1 Ltd, a special-purpose investment vehicle incorporated in the Abu Dhabi Global Market. The regulatory clearance, issued on 4 February 2026, allows the transaction to proceed under India's competition law framework after review to ensure it does not adversely affect competitive dynamics in the housing finance sector. Advertisement
Under the terms of the arrangement, the stake is being acquired on a fully diluted basis from BCP Topco VII Pte Ltd, which serves as the promoter of Aadhar Housing Finance. The acquisition is part of a broader investment strategy involving global private equity and institutional entities strengthening their positions in India's financial services industry. Aadhar Housing Finance is a publicly listed housing finance company offering retail home loans and related financial products to customers across India.
Concurrently, an open offer under the Securities and Exchange Board of India's (SEBI) Substantial Acquisition of Shares and Takeovers Regulations, 2011 was initiated by BCP Asia II Holdco VII Pte Ltd together with Blackstone Capital Partners (CYM) IX AIV F L.P. and Blackstone Capital Partners Asia II L.P., acting in concert with the primary acquirer. The open offer was designed to provide existing public shareholders an opportunity to sell their shares at the specified offer price as part of the overall change in shareholding structure. According to disclosures made to Indian stock exchanges, no public shares had been tendered into the open offer as of early February 2026, with zero shares credited to the escrow account maintained for that purpose.
The regulatory nod from the CCI represents a key milestone in the multi-step investment process, which has also required approvals from other authorities such as the Reserve Bank of India as part of the broader acquisition framework. Documentation related to the share purchase was earlier disclosed by Aadhar Housing Finance, indicating that AXDI LDII SPV 1 Ltd agreed to acquire 44,139,236 equity shares from the promoter at a pre-determined price, with regulatory clearances to follow as part of the conditions precedent.
Industry watchers say the CCI's approval underscores continued investor interest in India's housing finance space, particularly from cross-border capital looking to participate in the sector's growth trajectory. Housing finance companies such as Aadhar Housing Finance have been attractive to global investors due to India's expanding mortgage market, rising home ownership aspirations and opportunities for product diversification. The regulatory clearance is expected to support progression towards closing the transaction, subject to completion of other procedural and compliance requirements under Indian corporate and securities regulations.
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