SAMMAANCAP

Open Offer Abu Dhabi's International Holding Company (IHC), through its subsidiary Avenir Investment Holding RSC, has announced a major investment in Sammaan Capital (formerly Indiabulls Housing Finance), acquiring a 43.46% stake for ₹8,850 crore (about $1 billion). This deal, revealed on October 1, 2025, involves issuing 33 Crore preferential equity shares at ₹139 each, worth ₹4,587 crore, and 307 million convertible warrants for ₹4,263 crore. The price represents an 18% discount to the stock's recent closing, making it the largest single-investor primary capital infusion into an Indian NBFC. The transaction triggers a mandatory open offer under SEBI regulations for an additional 26% stake, allowing IHC to buy up to 34.17 crore shares at ₹139 per share, potentially costing another ₹4,750 crore. If fully subscribed and warrants converted, IHC's ownership could rise to 63.4% on a fully diluted basis, positioning it as the new promoter with rights to nominate board members. Sammaan Capital, a housing finance firm with ₹62,378 crore in assets under management and a ₹70,000 crore balance sheet, reported ₹334 crore net profit in Q1 FY26. Regulatory approvals are pending from the RBI, SEBI, and CCI, with shareholder approval sought at an extraordinary general meeting on October 29, 2025. Execution will occur in tranches, starting with 51% of shares and warrants. IHC aims to leverage this for AI-driven lending innovations in India's growing market. Market reaction saw Sammaan shares surge 25.59% over six sessions post-announcement but dip 3.54% to ₹163.55 on October 2 due to profit booking. Analysts note no delisting plans, and the infusion could strengthen capital adequacy and credit ratings. JPMorgan highlights RBI approval as critical, potentially taking 6-9 months