Sammaan Capital Limited has announced an open offer from Avenir Investment RSC Ltd and IHC Capital Holding LLC to acquire up to 341.75 million equity shares, representing 26.05% of the company’s expanded voting share capital. The cash offer is priced at INR 139 per fully paid-up share and INR 39 per partly paid-up share. This move follows the recent subscription of shares and warrants by the acquirers, marking a strategic shift in company ownership.
Acquisition Overview
Sammaan Capital Limited (formerly Indiabulls Housing Finance Limited) has received an intimation regarding a mandatory open offer initiated by Avenir Investment RSC Ltd (the Acquirer) and IHC Capital Holding LLC (the PAC). The offer is for the acquisition of up to 341,754,286 equity shares, accounting for 26.05% of the expanded voting share capital. This offer is part of a broader transaction that includes the recent preferential allotment and issuance of subscription securities to the acquirers.
Offer Details and Pricing
The cash offer is set at INR 139 for each fully paid-up equity share and INR 39 for each partly paid-up equity share. The total consideration for the open offer, assuming full acceptance, is estimated at INR 4,750.38 crore. The acquirers have confirmed they have the financial capability to fulfill these payment obligations, backed by firm financial arrangements.
Strategic Rationale
Following this investment, the acquirers intend to become the promoters of the company, exercising control to steer future growth. The strategic plan aims to bolster the balance sheet, improve credit ratings, and lower the cost of funds. By leveraging the acquirers’ global ecosystem and Artificial Intelligence (AI) capabilities, the company expects to evolve into a full-service financial services provider, expanding its range of non-banking financial company (NBFC) products to better serve middle-income households and small businesses across India.
Key Timeline
The tendering period for public shareholders to participate in the offer is scheduled to commence on April 17, 2026, and will remain open until April 30, 2026. Shareholders whose names appear in the beneficial records of the depositories as of the identified date of April 1, 2026, are eligible to participate. The acquirers intend to complete all payment formalities within 10 working days from the closure of the tendering period.
Source: BSE
