Sammaan Capital Limited (formerly Indiabulls Housing Finance Limited) has received crucial approval from the Reserve Bank of India (RBI) for the acquisition of a controlling stake by Avenir Investment RSC Ltd. The RBI sanctioned the transaction, which includes a preferential issue of approximately INR 8,849.99 crore. Following the preferential issue, the Investor will hold 41.23%, potentially rising to 63.36% upon full uptake of the Open Offer, marking a significant ownership change.
Regulatory Milestone Achieved for Stake Acquisition
Sammaan Capital Limited has announced a significant regulatory step forward regarding its Proposed Transaction with Avenir Investment RSC Ltd (“Investor”). The company confirms that the Reserve Bank of India (RBI) has approved the applications submitted by Sammaan Capital and its subsidiary, Sammaan Finserve Limited (formerly Indiabulls Commercial Credit Limited).
This approval covers the proposed acquisition of a controlling stake by the Investor, which includes an indirect change of control for the subsidiary. Importantly, the RBI has also granted a waiver for the mandatory public notice period, allowing the transaction timeline to potentially accelerate.
Details of Proposed Capital Infusion
As part of the restructuring, the Investor intends to inject capital through a preferential issue totaling approximately INR 8,849,99,99,794/- (Eight Thousand Eight Hundred and Forty-Nine Crore Ninety-Nine Lakh Ninety-Nine Thousand Seven Hundred and Ninety-Four only).
Projected Ownership Stakes
The announcement outlines the resulting ownership structure upon completion:
- Upon completion of the preferential issue, the Acquirer is projected to hold approximately 41.23% of the paid-up equity share capital.
- Assuming full uptake in the subsequent Open Offer, the Acquirer’s stake is expected to increase to approximately 63.36% of the paid-up equity share capital.
These calculations are based on the full exercise and conversion of Subscription Warrants into Equity Shares, including partly-paid up shares and employee stock options granted by the Company.
Next Steps and Remaining Approvals
The Proposed Transaction is proceeding based on the share subscription agreement executed on October 2, 2025, pending the fulfillment of all contractual obligations. The only remaining material regulatory clearance required for the consummation of the deal is from the Securities and Exchange Board of India (SEBI). The Company has confirmed that active engagement is underway with SEBI to ensure the swift receipt of these final approvals.
Source: BSE
