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CCI Approves Rebalancing of Cross-shareholding Between Renault and Nissan

Published on October 28, 2023
Current Context: The Competition Commission of India (CCI) has approved the proposed combination involving the re-balancing of existing cross-shareholdings between Renault and Nissan.
CCI Approves Rebalancing of Cross-shareholding Between Renault and Nissan
  • As part of the re-balancing, Nissan, through Nissan Finance Co. Ltd. (NFC), will retain its 15% shareholding in Renault.
  • Renault will transfer 28.4% of its Nissan shares into a trust estate administered by a trustee governed by French law, where the entrusted shares will be voted neutrally, subject to limited exceptions.
  • Renault would continue to fully benefit from the economic rights from the entrusted shares until such shares are sold.
  • Accordingly, Renault and Nissan will have a cross-shareholding of 15% of the total issued share capital and freely exercisable voting rights in each other, i.e., both Renault and Nissan will hold 15% shareholding in each other.

Question:

Q.1 Who approved the rebalancing of cross-shareholdings between Renault and Nissan?
a.The Competition Commission of India (CCI)
b. The Securities and Exchange Board of India (SEBI)
c. The Reserve Bank of India (RBI)
d. The Ministry of Corporate Affairs, India
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