IHC to buy 43.5% in Sammaan Cap for ₹8,850 crore

Abu Dhabi investor to become promoter, can nominate directors

- SUBRATA PANDA

Sammaan Capital Limited (formerly Indiabulls Housing Finance) said on Thursday that a unit of Abu Dhabi’s International Holding Company (IHC) has entered into an agreement to invest nearly $1 billion (₹8,850 crore) for a 43.46 per cent stake in the non-banking financial company (NBFC).

The board of Sammaan Capital, an upper-tier NBFC, approved a preferential allotment of 330 million equity shares and 307 million warrants worth approximately ₹8,850 crore to Avenir Investment RSC Ltd, a unit of IHC, paving the way for the global investor to assume promoter status with a 43.46 per cent holding. Under Securities and Exchange Board of India (Sebi) regulations, the transaction triggers a mandatory open offer, giving minority shareholders an exit option due to the change in ownership.

The deal marks IHC’s entry into India’s financial services sector and represents the largest primary capital infusion by a single investor into an NBFC in the country, according to a joint statement by both companies.