Sammaan Capital allotment lifts promoter holding to 33.32%

Sammaan Capital Limited allotted 8,68,92,966 equity shares to promoter Avenir Investment RSC Ltd on October 30, 2026, after conversion of Tranche I warrants. The conversion brought Rs 905.86 crore of remaining subscription money into Sammaan Capital and increased Avenir Investment’s shareholding by 4.98 percentage points, from 28.34% to 33.32%.

What did Sammaan Capital allot on October 30, 2026?

Sammaan Capital allotted 8,68,92,966 fully paid-up equity shares to Avenir Investment through a preferential allotment on a private-placement basis. The Securities Issuance and Investment Committee approved the allotment on October 30, 2026, following Avenir Investment’s request to convert the same number of Tranche I warrants into shares.

Each converted warrant carried the right to one fully paid-up equity share with a face value of Rs 2, and the allotment price was Rs 139 per share. Avenir Investment had received 8,68,92,966 Tranche I warrants on March 31, 2026, as part of a broader allotment of 30,66,90,535 warrants. The converted shares will rank pari passu, or equally in all respects, with Sammaan Capital’s existing equity shares and are to be listed on BSE Limited and the National Stock Exchange of India Limited in accordance with applicable law.

How much money did Sammaan Capital receive from Avenir Investment?

Sammaan Capital received Rs 905.86 crore from Avenir Investment as the balance payment for the converted Tranche I warrants. This payment represented the remaining 75% of the subscription amount for 8,68,92,966 warrants, each of which was issued at the eventual equity-share price of Rs 139.

Avenir Investment had paid Rs 34.75 per warrant at the March 31, 2026 allotment, representing 25% of the Rs 139 issue price. The October 30 payment completed the subscription amount for this first tranche rather than representing a new issue price or a separate funding arrangement. The filing states that one investor participated in the preferential issue, namely Avenir Investment.

The transaction therefore combined an equity issuance with receipt of the unpaid portion of an earlier warrant subscription. The original 25% payment and the later 75% balance relate to the same 8,68,92,966 Tranche I warrants. Sammaan Capital reported that no warrant tenure lapsed as a result of this conversion, because Avenir Investment exercised the conversion right within the permitted period.

How did the conversion change Sammaan Capital’s share capital?

Sammaan Capital’s paid-up equity share capital increased to Rs 249.89 crore following the allotment of 8,68,92,966 fully paid-up shares. The company reported 1,24,84,36,597 fully paid-up equity shares of face value Rs 2 each after the conversion, alongside 30,13,213 partly paid-up equity shares.

The partly paid-up shares have a face value of Rs 2 each, with 67 paise paid up, according to the October 30 disclosure. The fully paid-up shares carry International Securities Identification Number, or ISIN, INE148I01020, while the partly paid-up shares carry ISIN IN9148I01010. These are separate identifiers for the two categories of Sammaan Capital equity shares.

Avenir Investment’s reported share count rose from 33,00,41,221 before the issue to 41,69,34,187 after it. Of the pre-issue total, 33,00,40,111 were fully paid-up shares and 1,110 were partly paid-up shares; the post-issue figure likewise included 1,110 partly paid-up shares. The increase in ownership percentage from 28.34% to 33.32% reflects both the 8,68,92,966 new shares issued to Avenir Investment and the enlarged equity-share base.

What warrants does Avenir Investment still hold in Sammaan Capital?

Avenir Investment still holds 21,97,97,569 warrants that can each be converted into one Sammaan Capital equity share. These remaining warrants may be exercised in one or more tranches until September 30, 2027, which is 18 months from their March 31, 2026 allotment date.

The remaining warrants are materially larger than the first tranche converted on October 30, 2026: 21,97,97,569 warrants remain outstanding versus 8,68,92,966 already converted. That comparison means Avenir Investment has converted less than one-third of its original 30,66,90,535-warrant holding, while retaining conversion rights over the other 21,97,97,569 instruments until the stated expiry date.

Sammaan Capital said that, if Avenir Investment converts all remaining warrants and there is no other change in the company’s share capital, its ownership would rise to 43.28% after that conversion. This is a conditional post-conversion figure, not the promoter’s current holding: the reported ownership immediately after the October 30 allotment is 33.32%.

What does the warrant conversion mean for Sammaan Capital ownership?

Sammaan Capital’s immediate ownership change is that Avenir Investment’s stake moved from 28.34% to 33.32%, while the company received Rs 905.86 crore in the balance consideration for the converted first tranche. The preferential allotment issued 8,68,92,966 new shares at Rs 139 each and expanded paid-up equity capital to Rs 249.89 crore.

The next disclosed point to watch is the September 30, 2027 expiry for Avenir Investment’s 21,97,97,569 remaining warrants. Sammaan Capital has stated that full conversion, assuming no other share-capital changes, would take Avenir Investment’s holding to 43.28%; whether and when those warrants are exercised remains subject to the promoter’s use of its conversion right.

Conclusion

The October 30, 2026 conversion turned the first 8,68,92,966 warrants held by Avenir Investment into Sammaan Capital shares, completed the 75% balance payment of Rs 905.86 crore and raised the promoter’s stake to 33.32%. It also increased the company’s fully paid-up share count to 1,24,84,36,597.

The remaining ownership change is tied to 21,97,97,569 outstanding warrants, which Avenir Investment may exercise in one or more tranches by September 30, 2027. Sammaan Capital’s stated 43.28% ownership outcome depends on all of those warrants being converted and on no other changes occurring in its share capital.