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New Delhi: The Competition Commission of India (CCI) has granted its approval for the proposed acquisition of up to 80.15% shareholding in Aadhar Housing Finance Limited (AHFL) by BCP Asia II Holdco VII Pte. Ltd., an entity controlled by affiliates of the global investment firm, Blackstone Inc. The approval, announced on November 7, 2025, marks a significant regulatory milestone for the major transaction in India’s housing finance sector.
Acquisition Details and Structure
The proposed combination involves a composite transaction:
- Secondary Acquisition: The Acquirer, BCP Asia II Holdco VII Pte. Ltd., will acquire a majority stake from the existing promoter, which is also a Blackstone entity.
- Open Offer: The acquisition will be followed by a mandatory open offer to the public shareholders of Aadhar Housing Finance (AHFL) to acquire additional shares, completing the process to take the total holding up to the proposed 80.15%.
The Acquirer, BCP Asia II Holdco VII Pte. Ltd., is controlled by funds advised and/or managed by affiliates of Blackstone Inc. and is currently not engaged in any operating business in India or worldwide, serving solely as an investment holding company.
Profile of the Target Company
Aadhar Housing Finance Limited (AHFL) is a leading player in the affordable housing finance segment in India, focusing on the home loan market for low-to-middle-income segments.
- Core Business: AHFL’s primary business is the provision of home loans/housing finance and loans against property across the country.
- Ancillary Business: The company is also registered as a Corporate Agent (Composite) with the Insurance Regulatory & Development Authority of India (IRDAI) and is engaged in the distribution of life and general insurance products.
Transaction Significance
The approval from the CCI signals that the regulator does not foresee any adverse effect on competition in the Indian market as a result of this acquisition. The deal is essentially a transfer of control within the Blackstone ecosystem, with one of its funds acquiring the majority stake previously held by another.
Blackstone initially acquired a 97.7% stake in Aadhar Housing Finance back in 2019, injecting primary equity capital to strengthen the company’s balance sheet. This new transaction, by shifting the majority stake to BCP Asia II Holdco VII Pte. Ltd., streamlines the ownership structure under a different fund entity, aiming to further capitalize and drive the growth of AHFL in the affordable housing segment, which aligns with the government’s ‘Housing for All’ mission.
A detailed order from the Competition Commission of India is expected to follow.
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