Sammaan Capital Secures ₹5,653 Crore Investment from IHC Group

Sammaan Capital announced a significant transaction involving a preferential issue of equity shares and warrants totaling ₹5,652.75 crore. The company will become part of the UAE-based IHC Group, marking a new growth phase.

Key Transaction Details

Sammaan Capital Limited has received board approval for a preferential issue of equity shares and warrants to Avenir Investment RSC Ltd, a UAE-based company controlled by International Holding Company (IHC).

The transaction includes the allotment of 33,00,00,111 equity shares at ₹139 each, totaling ₹4,587.00 crore.

Additionally, 8,68,92,966 Tranche I warrants and 21,97,97,569 Tranche II warrants were approved, bringing the total investment by the investor to ₹5,652.75 crore.

This approval follows earlier nods from the RBI on March 24, 2026, and the company's Securities Issuance and Investment Committee on March 31, 2026. The initial share subscription agreement was signed on October 2, 2025.

Strategic Significance

This deal marks a significant shift for Sammaan Capital, bringing it under the umbrella of Abu Dhabi-based IHC Group. The move signifies IHC's substantial entry into India's financial services sector.

The transaction is set to launch a new growth phase for the Non-Banking Financial Company (NBFC).

Upon completion of the open offer, Avenir Investment RSC Ltd will acquire control over Sammaan Capital.

Deal Background

The strategic agreement between Sammaan Capital and Avenir Investment RSC Ltd was first signed on October 2, 2025.

This investment marks IHC's entry into India's financial services sector and is described as the largest primary capital infusion ever by an investor into an Indian NBFC.

The Reserve Bank of India (RBI) approved the acquisition on March 24, 2026, clearing the path for final board approvals.

Expected Impacts

• Sammaan Capital will become an IHC Group company, integrating into a large, diversified international conglomerate.
• Control will shift to Avenir Investment RSC Ltd after the open offer, bringing potential strategic guidance and operational enhancements.
• The company is set for a new growth trajectory, backed by long-term capital and potential synergies with IHC's global network.
• Integration with the IHC Group is expected to lead to expanded services and market reach.

Key Risks

• Control acquisition depends on the successful completion of the open offer and adherence to related agreements.
• Timely exercise of Tranche I warrants (within 26 weeks post open offer expiry) and Tranche II warrants (within 18 months from allotment) is crucial for the investor's full commitment.

Competitive Landscape

Sammaan Capital operates alongside major NBFCs like Bajaj Finance Limited and Cholamandalam Investment and Finance Company Limited. Bajaj Finance is known for its extensive retail lending and digital approach, while Cholamandalam is a major player in vehicle finance and home loans under the Murugappa Group. These peers demonstrate the scale and operational breadth in the Indian NBFC sector.

HDFC Bank, though a bank, is also a significant player in housing finance, influential in financial services.

Financial Context

As of June 30, 2025, Sammaan Capital managed consolidated Assets Under Management (AUM) of ₹62,378 crore, a slight decrease from ₹62,346 crore as of March 2025, according to Care Ratings on October 7, 2025.

Prior to this transaction, the company raised ₹3,693 crore via a rights issue in FY24 and ₹1,300 crore via Qualified Institutional Placement (QIP) in FY25, as per Care Ratings on October 7, 2025.

Investor Watchpoints

• The listing of new equity shares and warrants on the BSE and NSE.
• Timely exercise and conversion of Tranche I and Tranche II warrants by Avenir Investment RSC Ltd.
• Official integration of Sammaan Capital into IHC Group's operational and strategic framework.
• Announcements of strategic changes or expansion plans under new ownership.
• Sammaan Capital's performance post-integration, especially growth drivers from the IHC Group affiliation.