Sammaan Capital Limited Receives Final Regulatory Approvals for Avenir Investment RSC Ltd. Acquisition
Sammaan Capital Limited (formerly Indiabulls Housing Finance Limited) announced on March 27, 2026, that it has received all necessary regulatory approvals for the acquisition of a controlling stake by Avenir Investment RSC Ltd. ("Investor"), a company owned and controlled by International Holding Company PJSC ("Proposed Transaction").The approvals were received from the Securities and Exchange Board of India (SEBI) regarding applications made by Sammaan Asset Management Limited (SAML), a wholly-owned subsidiary of the Company, under the SEBI (Portfolio Managers) Regulations, 2020 and the SEBI (Alternative Investment Funds) Regulations, 2012.
The Company previously secured approvals from shareholders, lenders, creditors, the Competition Commission of India, and the Reserve Bank of India for the Proposed Transaction.
Under the terms of the share subscription agreement dated October 2, 2025, the Investor is expected to invest approximately INR 8,849,99,99,794 by way of a preferential issue. Upon completion, the Investor will hold approximately 41.2% of the paid-up equity share capital of the Company. Following the preferential issue and an open offer, the Investor’s stake is expected to reach approximately 63.3%, assuming full uptake in the open offer.
This acquisition will be executed in accordance with the terms of the share subscription agreement.
(1) Assuming that the Investor exercises and converts all the Subscription Warrants into Equity Shares of the Company, and including partly-paid up shares issued by the Company and employee stock options granted by the Company.
(2) Assuming that the Investor exercises and converts all the Subscription Warrants into Equity Shares of the Company, and assuming full uptake in the Open Offer (and assuming 'nil' tendering by non-promoter non-public category) and including partly-paid up shares issued by the Company and employee stock options granted by the Company.
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