MUMBAI: Abu Dhabi’s ruling family-owned International Holding Company (IHC) will acquire a 41.2% stake in Sammaan Capital (formerly Indiabulls Housing) for Rs 8,850 crore. At about $1 billion, this is the largest foreign investment in India’s NBFC space.
The investment will be made through preferential allotment of equity and warrants at Rs 139 per share, below Wednesday’s closing price of Rs 170. The acquisition will trigger a mandatory open offer for an additional 26% stake. Depending on the response to the offer, IHC’s holding could rise to around 63.4% on a fully diluted basis.
After the transaction, IHC will be classified as promoter and will have the right to appoint a majority of directors . The investment, routed through affiliate Avenir Investment, is subject to regulatory and statutory approvals.
“Under IHC’s parentage, we will continue to focus on providing affordable housing finance and mid-market mortgage solutions, leveraging IHC’s technology capabilities ,” said Gagan Banga, MD & CEO of Sammaan Capital. IHC is among the largest non-promoter shareholders in some Adani Group companies.
Sammaan Capital traces its roots to Indiabulls Financial Services, founded in early 2000s by an IIT-Delhi trio Sameer Gehlaut, Rajiv Rattan, and Saurabh Mittal. Initially a stockbroking firm, it diversified into consumer and housing finance and was listed in 2004. Promoter Sameer Gehlaut gradually reduced his stake from 22% to under 5%, with block deals involving Blackstone and ADIA, and exited the board in March 2022, completing his full exit by FY24.
The investment will be made through preferential allotment of equity and warrants at Rs 139 per share, below Wednesday’s closing price of Rs 170. The acquisition will trigger a mandatory open offer for an additional 26% stake. Depending on the response to the offer, IHC’s holding could rise to around 63.4% on a fully diluted basis.
After the transaction, IHC will be classified as promoter and will have the right to appoint a majority of directors . The investment, routed through affiliate Avenir Investment, is subject to regulatory and statutory approvals.
“Under IHC’s parentage, we will continue to focus on providing affordable housing finance and mid-market mortgage solutions, leveraging IHC’s technology capabilities ,” said Gagan Banga, MD & CEO of Sammaan Capital. IHC is among the largest non-promoter shareholders in some Adani Group companies.
Sammaan Capital traces its roots to Indiabulls Financial Services, founded in early 2000s by an IIT-Delhi trio Sameer Gehlaut, Rajiv Rattan, and Saurabh Mittal. Initially a stockbroking firm, it diversified into consumer and housing finance and was listed in 2004. Promoter Sameer Gehlaut gradually reduced his stake from 22% to under 5%, with block deals involving Blackstone and ADIA, and exited the board in March 2022, completing his full exit by FY24.
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