DSP Fund Managers IFSC Private Limited Combination

SUMMARY OF THE PROPOSED COMBINATION

[UNDER REGULATION 13(1A) OF THE COMPETITION COMMISSION OF INDIA (PROCEDURE IN REGARD TO THE TRANSACTION OF BUSINESS RELATING TO COMBINATIONS) REGULATIONS, 2011 (AS AMENDED)]

I. Names of the parties to the combination

1. The parties to the combination are:

• (a) DSP Fund Managers IFSC Private Limited (“DSPIFSC” / “Acquirer”); and

• (b) Lenskart Solutions Private Limited (“Lenskart” / “Target”).

2. The Acquirer and Target are collectively referred to as the “Parties”.

II. Nature and purpose of the combination

3. The combination relates to the relocation or migration of the entire investment portfolio of the DSP India Fund, Mauritius (“DSP Mauritius Fund”) to the DSP India Fund – India Long / Short Strategy Fund with Cash Management Option (“GIFT Fund”) (“Proposed Relocation”). DSPIFSC / the Acquirer is the proposed investment manager of the GIFT Fund. The Proposed Relocation includes inter alia the migration of 0.33% of the equity share capital of the Target held by the DSP Mauritius Fund to the GIFT Fund.

4. The Proposed Relocation is notifiable to the Hon’ble Competition Commission of India under Section 5(a)(i)(A) of the Competition Act, 2002 and is being undertaken for the migration of offshore funds to the GIFT City.

III. Products, services and business(es) of the Parties

Acquirer

5. DSPIFSC is registered with the International Financial Services Centres Authority as Registered Fund Management Entity (Retail) to manage & advise investors funds. Currently, it does not have any commercial operations in India. Pursuant to the Proposed Relocation, it is proposed that it will act as the investment manager for the GIFT Fund.

Target

6. Lenskart is a private limited company incorporated in India. Lenskart is engaged in: (a) primarily, the business of manufacture of eyewear products, including eyeglasses, sunglasses and eyewear accessories and sale (including by way of retail) of such manufactured products etc.; and (b) secondary business of wholesale trading of eyewear products, in India.

IV. Respective markets in which the Parties operate

7. The Parties’ activities (including their respective groups and affiliate entities) do not exhibit any horizontal overlaps, vertical relationships or complementary activities in India. The Proposed Relocation thus does not raise any risk of an appreciable adverse effect on competition in any of the plausible relevant market(s) in India.

V. Green Channel Route

8. Since there are no horizontal overlaps, vertical relationships or complementary activities between the businesses of the Parties (and their respective groups / affiliates) in India, the Proposed Relocation is being notified under the green channel route in terms of Regulation 5A and Schedule III of the Competition Commission of India (Procedure in regard to the transaction of business relating to combinations) Regulations, 2011.

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