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Strap: ROC Star Investment Trust to pick up 2.39 per cent stake in general insurer
The Competition Commission of India (CCI) has received the green channel combination notice for ROC Star Investment Trust’s 2.39 per cent stake buy in Star Health and Allied Insurance Company Ltd.
Post the consummation of the Proposed Combination, ROC will have certain rights, including non-control conferring veto rights in Star Health, an official release said.
The acquirer is an investment vehicle managed by ROC Capital Pty Ltd (ROC Capital), an Australian investment management company.
A ‘green channel’ is an automatic system of approval for combinations. Under this route, the combination is deemed to be approved upon filing the notice in the format prescribed.
The target — Star Health — is licensed as a general insurer by the Insurance Regulatory Development Authority of India to carry on the business of general insurance. Star Health is currently engaged in the business of health insurance, and deals in personal accident, mediclaim as well as in overseas travel insurance.
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