Capital market regulator SEBI has approved Balckstone Group deal to acquire 71 per cent in ASK Investment Managers.

The deal was executed by BCP TopCo XII Pte Ltd, an affiliate of funds advised or managed by the affiliates of the Blackstone Group Inc.

Sameer Koticha and his affiliates, together will continue to hold about 16 per cent of ASK IM and the existing management team of ASK IM, including the CEO,

Sunil Rohokale, executive director, Bharat Shah and other key persons and employees will continue to collectively hold about 13 per cent of the shareholding in ASK IM.

Earlier, Competition Commission of India had also cleared the deal.

Listed on the New York Stock Exchange, Blackstone has a market capitalisation of over $150 billion. It has been active in India since 2006.

Blackstone has total assets under management of about $731 billion as of September-end.

In India, it has presence in Private Equity and Real Estate with assets of $60 billion, making it a Top 10 business group in India.