Avenir Invests ₹4,587 Cr in Sammaan Capital, Voting Rights Delayed

Avenir Investment RSC Ltd, backed by Abu Dhabi's International Holding Company (IHC), has acquired a substantial stake in Sammaan Capital. The deal, finalized on March 31, 2026, involved 33,00,00,111 equity shares and 30,66,90,635 warrants purchased at ₹139 each. This significant preferential issue brings Avenir's total ownership to 43.4% of Sammaan Capital's equity, comprising 63,66,90,646 shares. Crucially, voting rights on these newly acquired shares and warrants are suspended and held in escrow until Sammaan Capital's open offer concludes, indicating a phased approach to control.

Why This Matters

This large investment by Avenir marks a significant development for Sammaan Capital, paving the way for a potential change in ownership and strategic direction. The capital infusion and IHC's increased presence could open new opportunities for the NBFC, which focuses on affordable housing. However, with voting rights suspended until the open offer finishes, full governance control by Avenir is still pending, making it a situation to watch closely.

Background

Sammaan Capital, formerly Indiabulls Housing Finance Ltd, rebranded in July 2024 with a focus on retail lending and improved governance. The company plans to evolve into a diversified NBFC aiming for a top-three position in India by FY29, supported by IHC's planned ₹8,850 crore ($1 billion) investment. Sammaan Capital shareholders approved this deal on October 29, 2025, and it secured approvals from regulators including the RBI and CCI. As required by SEBI's takeover rules, Avenir has also launched an open offer to acquire an additional 26% of Sammaan Capital's shares at ₹139 each.

What Changes Now

• Avenir Investment RSC Ltd is now a major shareholder with a 43.4% stake in Sammaan Capital.
• The company is moving closer to being fully managed by its new major investor, IHC.
• Voting rights on the acquired shares and warrants are held in escrow until the open offer is finalized.
• The open offer gives public shareholders a chance to sell their shares at the set price.
• This represents a significant step toward IHC potentially becoming the new promoter of Sammaan Capital.

Risks to Monitor

• The suspension of voting rights until the open offer concludes delays Avenir's full control.
• A substantial part (75%) of the warrant price is due upon exercise, indicating a future financial commitment.
• While Sammaan Capital has stated its clean standing and the Supreme Court made no negative observations, past allegations linked to a former promoter may still carry some reputational concern.

Market Context

Sammaan Capital operates in the competitive NBFC and housing finance sector. Key peers include HDFC Housing Finance Ltd., LIC Housing Finance Ltd., PNB Housing Finance Ltd., and diversified NBFCs like Bajaj Finance. These companies typically have market capitalizations from ₹11,500 crore upwards, with Sammaan Capital's market cap around ₹11,500-12,800 crore in early 2026.

Key Figures

• Deal Size (Preferential Allotment): ₹4,587 crore for shares and warrants.
• Acquisition Price: ₹139 per share/warrant.
• Total Planned Investment by IHC: Approximately ₹8,850 crore (including open offer and warrants).

What's Next

• The conclusion of the mandatory open offer, after which voting rights will be transferred.
• Avenir Investment RSC Ltd/IHC officially becoming the promoter of Sammaan Capital.
• How Sammaan Capital executes its strategic diversification and growth plans under the new ownership.
• Any further company announcements on capital structure, such as NCD buybacks.