Groww gets CCI approval for bonus shares, founders relinquish extra voting rights

Fintech startup Groww has received approval from the Competition Commission of India (CCI) to issue bonus shares to all its existing equity shareholders.

This development follows Groww’s recent reverse flip—relocating its parent entity from the United States to India—as it gears up for a public listing in the country.

In its order, the CCI approved the acquisition of additional voting rights by certain shareholders of Billionbrains Garage Ventures Private Limited (Groww’s parent company) and the issuance of bonus compulsorily convertible…