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 set at INR 139 per share. This move is part of a larger transaction involving a preferential issue and aims to give Avenir Investment control and promoter status within Sammaan Capital.
Open Offer for Significant Stake
Avenir Investment RSC Ltd (Acquirer), along with IHC Capital Holding LLC (PAC), has announced an open 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 of the company.
Offer Details
The offer price is set at INR 139 per equity share. The total consideration for the open offer, assuming full acceptance, is approximately INR 47,50,38,45,754. The Acquirer has confirmed sufficient means and arrangements to fulfill its obligations under the open offer.
Background and Rationale
The open offer is triggered by a share subscription agreement (SSA) where Sammaan Capital will issue shares and warrants to Avenir Investment through a preferential issue. This includes:
- 33,00,00,111 Equity Shares at INR 139 per share.
- 8,68,92,966 warrants (Tranche I) exercisable within 26 weeks of the offer period closure, at INR 139 per warrant.
- 21,97,97,569 warrants (Tranche II) exercisable within 18 months from the date of warrant allotment, at INR 139 per warrant.
Avenir Investment intends to acquire and exercise control over Sammaan Capital and become a ‘promoter’ of the company, subject to the terms of the SSA.
Shareholding Details
As of the announcement date, neither the Acquirer nor the PAC hold any shares in Sammaan Capital. Post open offer (assuming full acceptance), Avenir Investment’s shareholding is expected to reach 57.72% of the expanded voting share capital.
Key Financials of Target Company
Key consolidated financials of Sammaan Capital:
- FY ending March 31, 2025: Total Revenue – INR 8,683.25 crores, Net Loss – INR 1,807.46 crores.
- For the three-month period ended June 30, 2025: Total Revenue – INR 2,409.43 crores, Net Income – INR 334.30 crores.
Offer Schedule
The tendering period for the open offer is scheduled to commence on November 27, 2025, and close on December 10, 2025.
Source: BSE