Sammaan Capital Surges 11% on RBI Nod for Rs 8,850 Crore IHC Deal

Introduction

Shares of Sammaan Capital Ltd, formerly known as Indiabulls Housing Finance, climbed 11% on March 25 following a crucial approval from the Reserve Bank of India (RBI). The central bank gave its consent for the acquisition of a controlling stake of up to 66.65% by Avenir Investment RSC, a subsidiary of the Abu Dhabi-based conglomerate International Holding Company (IHC). This development marks a significant step forward for one of the largest foreign direct investments in India's non-banking financial company (NBFC) sector.

The Investment and Deal Structure

Avenir Investment RSC plans to inject Rs 8,850 crore (approximately USD 1 billion) into Sammaan Capital through a preferential issue of equity shares. According to the company's exchange filings, upon the completion of this preferential allotment, Avenir Investment will hold an approximate stake of 41.23%. The transaction also triggers a mandatory open offer for an additional 26% of the company's shares. Assuming a full subscription in the open offer, IHC's total holding through its subsidiary could increase to approximately 63.36%, solidifying its position as the new promoter.

Market Reacts Positively

The market responded with strong optimism to the RBI's announcement. On March 25, Sammaan Capital's stock was trading 11% higher at Rs 154 per share by 10:35 am, pushing its market capitalization above Rs 10,500 crore. Trading volumes surged, with a combined 42.9 million shares changing hands on the NSE and BSE, more than double the average. This rally provides a significant boost to the stock, which had declined by about 12% in the preceding month. The stock had previously hit a 52-week high of Rs 192.90 on November 3, 2025.

Regulatory Approvals and Conditions

While the RBI's approval is a major milestone, the deal has navigated a multi-stage regulatory process. The Competition Commission of India (CCI) had already cleared the proposal. With the RBI's nod secured, the transaction now awaits final approval from the Securities and Exchange Board of India (SEBI). The RBI has, however, attached specific conditions to its approval. Sammaan Capital will not be permitted to raise deposits from the public. Furthermore, Avenir Investment must complete the entire share transfer process within one year, or the approval will be cancelled. The central bank also stipulated that if Avenir's shareholding falls below 26% post-transaction, it would require prior RBI approval to increase its stake back to 26% or higher.

Strategic Importance for Sammaan and IHC

This capital infusion is one of the largest ever in an Indian NBFC and is expected to significantly strengthen Sammaan Capital's balance sheet. The fresh capital will enhance its lending capacity and support its growth plans. For IHC, a powerful entity backed by Sheikh Tahnoon bin Zayed Al Nahyan, this investment marks a strategic entry into India's expanding financial services market. Syed Basar Shueb, CEO of IHC, stated that the investment reaffirms their commitment to supporting Sammaan Capital's development, including the adoption of AI to enhance lending and credit solutions.

Key Transaction Details

New Leadership and Future Outlook

Alongside the stake acquisition, the RBI has also approved the appointment of IHC's nominee, Alwyn Dinesh Crasta, as a director on Sammaan Capital's board for a term of up to five years. This signals the beginning of a new governance structure under IHC's control. Credit rating agency Crisil has noted that it will engage with the management of both companies to understand the future business plan, potential brand changes, and the extent of strategic support IHC will provide. The successful completion of this deal is poised to reshape Sammaan Capital's trajectory, providing it with the capital and strategic backing to scale its operations significantly.

Conclusion

The RBI's conditional approval for the Rs 8,850 crore investment by IHC is a pivotal moment for Sammaan Capital. It has already boosted investor confidence, as reflected in the sharp stock price rally. The deal provides the mortgage-focused NBFC with substantial growth capital and the backing of a global financial powerhouse. The final step remains the approval from SEBI, which, once secured, will officially commence a new chapter for Sammaan Capital under new promoters.