No Shares Tendered in Sammaan Capital Open Offer

As of April 20, 2026, zero equity shares have been tendered in Sammaan Capital Ltd's open offer. This represents 0% of the 34.17 crore shares offered and poses a significant hurdle for the planned acquisition.

The open offer, managed by Avenir Investment RSC Ltd and IHC Capital Holding LLC, commenced on April 17, 2026. It aimed to acquire up to 341,754,286 equity shares, representing 26.05% of the expanded voting capital, at ₹139 per share.

Why This Matters for the Acquisition

The lack of participation immediately raises questions about the success of the open offer, a crucial step for the acquirers to gain full control. While the overall acquisition deal with IHC is substantial, a failed open offer could prevent the acquirers from reaching their desired stake percentage or control levels.

This suggests public shareholders may not find the offer price attractive or may prefer to hold their existing stakes, despite the significant backing from IHC.

Background: IHC's Investment Plan

Sammaan Capital, a housing finance NBFC previously known as Indiabulls Housing Finance, is undergoing a significant ownership change. Abu Dhabi-based International Holding Company (IHC), via its affiliate Avenir Investment RSC Ltd, is acquiring a controlling stake.

This involves a preferential allotment of shares and warrants worth approximately ₹8,850 crore. IHC has already secured regulatory approvals, including from the RBI.

The preferential allotment aims to give Avenir an initial stake of around 41.5%, with the potential to increase to approximately 63.3% upon successful completion of the open offer.

Impact on Acquirer's Stake

The acquirer's planned increase in stake via the open offer is currently stalled, potentially impacting their intended control percentage. A failed open offer, contingent on validation and verification of tendered shares and documentation according to SEBI regulations, could affect the acquirer's ability to consolidate control as planned. This might prompt a review of their strategy or a renegotiation of terms, though outcomes remain uncertain.

Peer Comparison

Sammaan Capital operates in the competitive housing finance NBFC sector. Key peers include LIC Housing Finance Ltd, PNB Housing Finance Ltd, Can Fin Homes Ltd, and Home First Finance Company India Ltd. These companies also engage in providing home loans and related financial services.

What to Watch Next

Monitor any announcements regarding an extension of the open offer period by the acquirer or SEBI.

Watch for any further communication from Avenir Investment RSC Ltd or IHC Capital Holding LLC on their next steps.

Observe if any public shareholders decide to tender shares in the remaining period, if extended.

Track any potential commentary from the independent directors' committee regarding the offer's progress.