Sammaan Capital Shares Surge 4% As Abu Dhabi’s IHC Becomes A Promoter

Abu Dhabi-based International Holding Company (IHC) has stepped in as a promoter in Sammaan Capital Limited. As a result, Sammaan Capital Ltd shares rose about 4% on Wednesday morning to open at ₹156.70 on the Bombay Stock Exchange (BSE).

The initial leg of the deal involves an investment of ₹5,652 crore through a preferential allotment of shares and warrants. This marks a significant shift for the non-banking financial company (NBFC), which did not have a clearly defined promoter for several years.

What Are The Deal Details And Structure?

The transaction will be carried out in stages. In the first phase, already completed, IHC has acquired a 26.9% stake in the company through preferential allotment.

In the next phase, expected within 18 months, the investor will convert warrants into equity, taking its total holding to around 41.5%. This will involve an additional investment of ₹3,198 crore.

The deal also triggers a mandatory open offer for another 26% stake from public shareholders at ₹139 per share. If fully subscribed, IHC’s total ownership could rise to over 63%.

What Does It Mean For The Company?

The entry of a large institutional investor like IHC effectively fills the promoter gap that existed at Sammaan Capital for some time. With promoter status, the new investor will have a greater say in board composition and business direction.

The company is expected to be aligned with IHC’s broader financial services strategy in India, with a focus on expanding lending operations and improving technology adoption.

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Investor Takeaway

Sammaan Capital Ltd, earlier called Indiabulls Housing Finance, mainly provides home loans and property-backed loans. It operates under the National Housing Bank.

The new promoter could help improve future growth, but how the company performs from here remains to be seen.

Sources:

The Economic Times

Money Control