Avenir Investment RSC Ltd, along with IHC Capital Holding LLC, has announced an open offer to acquire up to 34,17,54,286 equity shares of Sammaan Capital Limited, representing 26% of the expanded voting share capital. The offer price is INR 139 per share. Citigroup Global Markets India Private Limited is managing the offer, which complies with SEBI regulations. This acquisition aims to provide long-term capital and strong institutional ownership for Sammaan Capital.
Open Offer Details
Avenir Investment RSC Ltd, acting in concert with IHC Capital Holding LLC, has announced a cash offer to acquire up to 34,17,54,286 fully paid-up equity shares of Sammaan Capital Limited. This represents 26% of the expanded voting share capital. The offer complies with SEBI regulations and is not conditional on any minimum level of acceptance.
Financial Aspects
The offer price is set at INR 139 per equity share. The total consideration for the open offer, assuming full acceptance, is approximately INR 4,750.38 crore. Avenir Investment has firm financing arrangements and has deposited a bank guarantee of INR 551 crore and a cash deposit of INR 47.60 crore in an escrow account as security.
Rationale
The acquisition aims to provide long-term capital and strong institutional ownership, facilitating future growth and value creation. Avenir intends to strengthen the balance sheet and spearhead the next phase of growth in core segments with a well-structured strategic plan.
Key Dates
The identified date for determining shareholders is November 13, 2025. The tendering period is scheduled to begin on November 27, 2025, and close on December 10, 2025. Further details, including the Letter of Offer, will be available on SEBI’s website.
Management Commentary
The Acquirer and the PAC make no assurances regarding the Target Company’s future financial performance. However, they believe this transaction will enhance value for all stakeholders. More details and the potential risks associated with the offer will be outlined in the Draft Letter of Offer.
Source: BSE
