Abu Dhabi fund to buy 41% in NBFC Sammaan for $1 billion

MUMBAI: Abu Dhabi’s ruling family-owned International Holding Company (IHC) will purchase a 41.2% stake in Sammaan Capital (previously Indiabulls Housing) for Rs 8,850 crore. At about $1 billion, that is the biggest overseas funding in India’s NBFC area.The funding shall be made by way of preferential allotment of fairness and warrants at Rs 139 per share, beneath Wednesday’s closing worth of Rs 170. The acquisition will set off a compulsory open supply for a further 26% stake. Depending on the response to the supply, IHC’s holding might rise to round 63.4% on a completely diluted foundation.After the transaction, IHC shall be categorized as promoter and could have the best to appoint a majority of administrators. The funding, routed by way of affiliate Avenir Investment, is topic to regulatory and statutory approvals.“Under IHC’s parentage, we will continue to focus on providing affordable housing finance and mid-market mortgage solutions, leveraging IHC’s technology capabilities,” stated Gagan Banga, MD & CEO of Sammaan Capital. IHC is among the many largest non-promoter shareholders in some Adani Group firms.Sammaan Capital traces its roots to Indiabulls Financial Services, based in early 2000s by an IIT-Delhi trio Sameer Gehlaut, Rajiv Rattan, and Saurabh Mittal. Initially a stockbroking agency, it diversified into shopper and housing finance and was listed in 2004. Promoter Sameer Gehlaut regularly diminished his stake from 22% to beneath 5%, with block offers involving Blackstone and ADIA, and exited the board in March 2022, finishing his full exit by FY24.