Competition Commission of India (CCI) on Monday approved the purchase of stake in Hero FinCorp Ltd by a Singapore-based company, which is an affiliate of Apollo Global Management. AHVF II Holdings Singapore II Pte. Ltd will buy certain compulsorily convertible preference shares of Hero FinCorp Ltd.

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In a release on Monday, CCI said it has approved the proposed deal. The proposed combination relates to the subscription of certain compulsorily convertible preference shares of Hero FinCorp by AHVF II and upon conversion, it will represent a certain shareholding in the company, according to an official release.

Hero FinCorp is the lending arm of the Hero Group. The acquirer is owned by investment funds managed by affiliates of Apollo Management, L.P. Apollo Management, L.P., its affiliates, and investment funds managed by its affiliates.

Investment funds managed by affiliates of Apollo invest in companies and debt issued by companies involved in various businesses. Deals beyond the threshold require the approval of CCI, which keeps a tab on unfair business practices in the marketplace.

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