Sammaan Cap Stake Sale to Avenir Approved

New Delhi, Oct 29 (PTI) Sammaan Capital on Wednesday said shareholders have approved the proposed 43.46 per cent stake sale in the company for USD 1 billion to Dubai based Avenir Investment RSC, an affiliate of International Holding Company.

"The shareholders of the company have approved the resolution for preferential issue of equity shares and warrants to the investor (at an issue price of Rs 139 per share/warrant and for an aggregate amount of Rs 8,850 crore), with an overwhelming majority of 94.41 per cent votes in favour," Sammaan Capital said in a regulatory filing.

The company and investor have filed relevant applications for obtaining the required regulatory/ statutory approvals for the proposed transaction (including from the Reserve Bank of India, Competition Commission of India, BSE Limited and National Stock Exchange of India Limited), it said.

The investor and company are now fully focused towards getting the required approvals expeditiously and achieving timely completion of the proposed investment, it added.


Earlier this month, Abu Dhabi-based investor Avenir Investment RSC, an affiliate of International Holding Company, agreed to purchase a 43.46 per cent stake in Sammaan Capital for USD 1 billion, subject to regulatory approval.

The lender, formerly known as Indiabulls Housing Finance, will be raising the capital by issuing preferential shares to Avenir after getting the requisite approvals.

IHC will foray into the financial services sector in India through the largest ever primary capital infusion by an investor in a non-bank financial company in India, according to a statement.

The deal is expected to fuel the next leg of growth for Sammaan Capital on the back of long-term patient capital, deeper access to low-cost liabilities and an improved credit rating, it added.