Laws and sections by number or title, due dates, pages, and updates.
CIF-II Scheme I, Creaegis II VCC, and Creaegis Investments PCC Cell CH1 propose to subscribe to a rights issue of equity shares in Boston Ivy Healthcare Solutions Private Limited. The aggregate shareholding of the acquirers in the target moves from less than 25 percent to more than 25 percent. The target operates in the sale of medical devices, surgical equipment, consumables, and pharmaceutical products, and owns a business-to-business portal. The parties report no horizontal overlaps, vertical linkages, or complementary linkages in India. The notice proceeds under Section 6(4) of the Competition Act, 2002.
What you must do
Who is affected
Thresholds
Ask about this competition order
Summary in terms of Regulation 13(2) of the Competition Commission of India (Combinations) Regulations, 2024
A. Parties to the combination are:
Acquirers
CIF-II Scheme I (“CIF-II”);
Creaegis II VCC (“Creaegis II”); and
Creaegis Investments PCC Cell CH1 (“Creaegis Investments”)
Hereinafter, CIF-II, Creaegis II and Creaegis Investments are collectively referred to as the “Acquirers”:
Target
Boston Ivy Healthcare Solutions Private Limited (“Target”)
Hereinafter, the Acquirers and the Target are collectively referred to as the “Parties”.
B. Nature and Purpose of the Combination:
The Board of Directors of the Target has approved issuance equity share by way of a rights issue to the holders of equity shares of the Target (“Rights Issue”).
Proposed transaction for which the approval of the Hon’ble Commission sought: The Acquirers presently hold certain shareholding in the Target. As on date of filing this Notice, the Acquirers envisage subscribing to the Rights Issue. Further, depending upon the extent of participation by the Acquirers, extent of participation of other shareholders, their renunciation (if any) and disposal of the unsubscribed portion of the Rights Issue, by the Board at its discretion, the aggregate shareholding of the Acquirers in the Target is likely move from less than 25% to more than 25% in the Target.
C. Products, Services and Businesses of the Parties:
CIF-II: CIF-II is a category II AIF registered with Securities and Exchange Board of India.
Creaegis II: Creaegis II is a variable capital company registered under laws of Singapore. The principal activity is to operate as a close-ended fund.
Creaegis Investments: Creaegis Investments is incorporated in Mauritius as Protected Cell Company. The investment objective of the Cell is to invest in companies focused on healthcare with particular emphasis on digital healthcare and/or tech-enabled healthcare.
Target: Boston Ivy Healthcare Solutions Private Limited i.e., the Target is a company headquartered in Mumbai, Maharashtra. It is engaged in sale of medical devices, surgical equipment, consumables, pharmaceutical products, etc; and owns and operates a B2B portal www.medikabazaar.com (“Medikabazaar”). Its product assortment includes medical imaging equipment, diagnostic, equipment and reagents, dental, ophthalmology, dental, orthopaedic equipment and consumables, speciality pharma, API and general medical consumables. The Target operates pan-India and serves all kinds of health care establishments ranging from large multispeciality hospital chains to individual physician clinics and nursing homes. The Target also provides certain ancillary services like last-mile delivery via fulfilment centres.
D. Respective markets in which the Parties operate:
The activities of the Parties, their respective group entities and their affiliates do not exhibit any horizontal overlaps, vertical nor complementary linkages in India.
Accordingly, the Proposed Transaction is notified under Section 6(4) of the Competition Act, 2002 (as amended) read with Rule 3 of the Competition (Criteria of Combination) Rules, 2024.
