Sammaan Capital Gets RBI Nod for ₹8,850 Crore IHC Deal

Introduction

Sammaan Capital Limited has received a crucial approval from the Reserve Bank of India (RBI) for the acquisition of a controlling stake by Avenir Investment RSC Ltd, a subsidiary of the Abu Dhabi-based conglomerate International Holding Company (IHC). The central bank's clearance marks a significant milestone in the proposed ₹8,850 crore transaction, moving the deal closer to completion and setting the stage for a major shift in the non-banking financial company's ownership structure. The approval also positively impacted the company's stock, which saw a notable rise following the announcement.

A Landmark Deal Takes Shape

The transaction involves a substantial capital infusion of approximately ₹8,850 crore (USD 1 billion) from Avenir Investment into Sammaan Capital through a preferential share issue. This investment is poised to be one of the largest primary capital infusions in an Indian non-bank financial company (NBFC). The deal, first outlined in a share subscription agreement on October 2, 2025, has been progressing through various regulatory stages. The capital raised is expected to strengthen Sammaan Capital's balance sheet and support its future growth initiatives, including the potential adoption of advanced technologies like AI for lending and credit solutions, as indicated by IHC's leadership.

RBI's Green Light with Conditions

While the RBI has given its approval for the acquisition of up to a 66.65% stake, it has attached specific conditions to the clearance. First, Sammaan Capital will not be permitted to raise public deposits. Second, Avenir Investment must complete the entire share transfer process within one year from the date of approval, failing which the clearance will be cancelled. Additionally, the RBI has stipulated that if Avenir's shareholding in Sammaan Capital falls below 26% at any point after the transaction, it will require prior approval from the central bank to increase its stake back to 26% or higher. These conditions are designed to ensure financial stability and regulatory oversight throughout the transition.

Board Composition Changes

Alongside the stake acquisition, the RBI has also cleared a key management change. The central bank has approved the appointment of Alwyn Dinesh Crasta, a nominee from IHC, as a director on the board of Sammaan Capital. This appointment is approved for a period of up to five years, signaling the new investor's active role in the company's governance and strategic direction following the completion of the deal. This move is standard in such large-scale acquisitions, allowing the primary investor to have representation in key decision-making processes.

The Regulatory Journey

The path to this stage has involved securing approvals from multiple regulatory bodies. The deal was first approved by Sammaan Capital's shareholders in October 2025. Following this, the Competition Commission of India (CCI), the country's fair-trade regulator, gave its clearance in December 2025, confirming that the transaction would not adversely affect competition in the market. The recent approval from the RBI was one of the most critical regulatory hurdles, given Sammaan Capital's status as a non-deposit-taking NBFC. The company has also received a waiver for the mandatory public notice period from the RBI, which could help accelerate the final stages of the transaction.

Final Hurdle: SEBI Approval

With clearances from the CCI and RBI now secured, the transaction is nearing its final stages. The only significant regulatory approval still pending is from the Securities and Exchange Board of India (SEBI). Sammaan Capital has confirmed that it is actively engaged with SEBI to obtain this final clearance. Once SEBI's approval is granted, the path will be clear for the preferential allotment and the subsequent open offer, formally concluding the acquisition process.

Transaction at a Glance

Market Reaction and Stock Performance

The news of the RBI's approval was met with positive sentiment in the stock market. Sammaan Capital's shares settled 7.04% higher at ₹139.15 on Tuesday, reflecting investor confidence in the deal's progress. The company's market capitalization stood at approximately ₹11,468.75 crore. However, it was also noted that the company's shares were placed under the F&O (Futures and Options) trading ban on March 24, 2026, a measure often taken for stocks that exceed certain market-wide position limits.

Strategic Implications for Sammaan Capital

This acquisition is set to be transformative for Sammaan Capital, formerly known as Indiabulls Housing Finance. The significant capital injection will provide the company with substantial resources to expand its lending operations, strengthen its capital adequacy, and invest in technology. The backing of a globally diversified entity like IHC provides not just financial muscle but also strategic guidance and access to international networks. For IHC, this investment marks a significant foray into India's growing financial services sector, aligning with its strategy of diversifying its portfolio in high-growth markets.

Conclusion: Awaiting the Final Step

Sammaan Capital stands at the cusp of a new era, with major regulatory approvals for its acquisition by IHC's subsidiary now in place. The RBI's conditional nod has cleared a major hurdle, leaving only the final approval from SEBI pending. The successful completion of this ₹8,850 crore deal will not only reshape Sammaan Capital's future but also underscore the attractiveness of India's financial sector to large international investors. All eyes are now on SEBI for the final go-ahead that will formally seal the transaction.