New Delhi | Fair trade regulator CCI on Tuesday cleared private equity major Warburg Pincus' proposal to acquire a 10 per cent stake in private sector lender IDFC First Bank.

US-based Warburg Pincus, through its arm Currant Sea Investments BV, is acquiring a stake in IDFC First Bank.

"The proposed combination entails the acquisition of up to 9.99 per cent of the paid-up share capital (on a fully diluted basis) of IDFC First Bank Ltd by way of subscription to 81,26,94,722 compulsorily convertible cumulative preference shares (CCPS) by Currant Sea Investments BV," the Competition Commission of India (CCI) said in a release.

IDFC First Bank is engaged in the business of providing banking services like providing loans, credit cards, distributing mutual fund and insurance products and providing other financial solutions.

"CCI approves the proposed acquisition of up to 9.99 per cent of the paid-up share capital of IDFC First Bank Ltd by Currant Sea Investments BV," the competition watchdog said.

In April this year, IDFC First Bank announced that it had approved a preferential issue of equity capital amounting to Rs 4,876 crore to Currant Sea Investments BV, and Rs 2,624 crore to Platinum Invictus B 2025 RSC, an arm of Abu-Dhabi Investment Authority, to fuel its next phase of growth.

In a separate release, CCI approved proposed acquisition of the Interpublic Group of Companies, Inc by Omnicom Group Inc.

"The proposed combination relates to the acquisition of sole control of the Interpublic Group of Companies, Inc (IPG) by Omnicom Group Inc.

"Under the merger agreement, EXT Subsidiary Inc (Omnicom Merger Sub), a wholly-owned subsidiary of Omnicom, will be merged with and into IPG," the regulator said.

Omnicom merger Sub will cease to exist and IPG will remain the surviving entity as a wholly-owned subsidiary of Omnicom, it added.

"CCI approves proposed acquisition of The Interpublic Group of Companies, Inc. by Omnicom Group Inc.," the competition watchdog said in a post on X.

Omnicom is a New York-based provider of marketing and sales solutions, while IPG is engaged in the provision of media buying and planning services, public relations and specialised communications.

Deals beyond a certain threshold require approval from the regulator, which keeps a tab on unfair business practices as well as promotes fair competition in the marketplace.