CCI nod to Dewan Housing-PGLH deal

Written By Unknown on Sabtu, 10 Januari 2015 | 21.03

Fair trade regulator CCI has approved mortgage lender Dewan Housing Finance's proposed buying of 50 percent stake each in two arms of US-based PGLH of Delaware Inc, saying the deal did not raise anti-competitive concerns in the country.

Fair trade regulator CCI has approved mortgage lender Dewan Housing Finance 's proposed buying of 50 percent stake each in two arms of US-based PGLH of Delaware Inc, saying the deal did not raise anti-competitive concerns in the country.

Under the deal, Dewan Housing Finance Corporation proposes to purchase 50 percent shareholding of Pramerica Asset Managers Private Ltd and Pramerica Trustees Private Ltd from PGLH. Following the transaction, the entities would become 50:50 joint ventures between Dewan Housing and PGLH.

Consequent to the acquisition, Dewan Housing would also acquire joint control on Pramerica Mutual Fund. In an order dated December 30, 2014 but made public today, the Competition Commission of India (CCI) said that "the proposed combination is not likely to have appreciable adverse effect on competition in India". CCI observed that Dewan Housing and its associated companies were not engaged in the provision of services pertaining to mutual funds.

"As a result, there is no horizontal overlap in services provided by the parties in relation to mutual funds," CCI said. Further, the regulator noted that while Arthveda Fund Management -- part of Dewan Housing -- and Pramerica Asset Managers provide asset management services, these were "intended for different usage". "While Arthveda focuses on alternative investment funds, the Target AMC (Pramerica Asset Managers) provides asset management services exclusively to the Target MF (Pramerica Mutual Fund) for the mutual fund schemes," CCI said.

CCI also noted that "Arthveda has only insignificant assets under its management in comparison to the total market size of the portfolio management services in India, the proposed combination is not likely to affect the competition in the portfolio management services in India". Dewan Housing had entered into an agreement with PGLH in October 2014 following which it had sought approval from CCI in November, last year.

Dewan Housing stock price

On January 09, 2015, Dewan Housing Finance Corporation closed at Rs 426.55, up Rs 6.00, or 1.43 percent. The 52-week high of the share was Rs 441.75 and the 52-week low was Rs 199.10.


The company's trailing 12-month (TTM) EPS was at Rs 45.00 per share as per the quarter ended September 2014. The stock's price-to-earnings (P/E) ratio was 9.48. The latest book value of the company is Rs 277.90 per share. At current value, the price-to-book value of the company is 1.53.


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