Sammaan Capital Shares Surge 11% on RBI Nod for IHC's ₹8,850 Crore Deal

Introduction

Shares of Sammaan Capital, formerly known as Indiabulls Housing Finance, climbed as much as 11% on March 25, 2026, following a significant regulatory development. The Reserve Bank of India (RBI) has granted its approval for the acquisition of a controlling stake in the non-banking financial company (NBFC) by Avenir Investment RSC, a subsidiary of the Abu Dhabi-based conglomerate International Holding Company (IHC). This approval paves the way for a substantial capital infusion of ₹8,850 crore, marking one of the largest foreign investments in India's financial services sector.

The Landmark Transaction

The deal, first agreed upon on October 2, 2025, involves Avenir Investment RSC investing ₹8,850 crore into Sammaan Capital through a preferential issue of equity shares and warrants. Upon the initial allotment, Avenir is expected to hold approximately 41.23% of the company's paid-up equity share capital. The transaction also triggers a mandatory open offer for an additional 26% stake from public shareholders. Assuming a full subscription in the open offer, IHC's total holding could increase to approximately 63.36%, establishing it as the new promoter with the authority to appoint a majority of the board.

Regulatory Approvals and Conditions

The RBI's approval is a critical milestone for the transaction. The central bank has also cleared 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. However, the approval comes with specific conditions. Sammaan Capital will be prohibited from raising deposits from the public. Furthermore, Avenir Investment must complete the share transfer within one year, or the approval will be cancelled. The Competition Commission of India (CCI) has also given its nod to the acquisition. The final regulatory hurdle that remains is the approval from the Securities and Exchange Board of India (SEBI).

Market Reaction and Stock Performance

Investor sentiment turned positive following the RBI's announcement. On March 25, Sammaan Capital's stock was trading 11% higher at ₹154 per share around 10:35 am. The trading session saw a significant spike in volumes, with a combined 42.9 million shares changing hands on the NSE and BSE, more than double the average. The company's market capitalisation crossed ₹10,500 crore. This rally comes after a period of underperformance, where the stock had declined nearly 12% in the preceding month. The stock had previously been placed under the F&O ban on March 24, 2026.

| Stock Performance Snapshot (as of March 25, 2026) | | :--- | :--- | | Intra-day High | ₹154.00 | | Percentage Gain | 11% | | Market Capitalisation | Over ₹10,500 Crore | | 52-Week High | ₹192.90 (Nov 3, 2025) |

Strategic Impact on Sammaan Capital

The infusion of ₹8,850 crore is expected to significantly strengthen Sammaan Capital's financial position. The fresh capital will bolster its balance sheet, potentially improve its credit rating, and lower its cost of funds. The management intends to use the funds to drive expansion in its core areas of affordable home loans and MSME financing. The company has set an ambitious target to grow its assets under management (AUM) to ₹1 lakh crore by the fiscal year 2027, up from ₹64,200 crore as of December 31, 2025. IHC's involvement is also anticipated to enhance corporate governance standards and accelerate the adoption of technology and AI to improve operational efficiency.

A Vote of Confidence in India's NBFC Sector

This transaction represents one of the largest-ever primary capital infusions by a foreign investor into an Indian NBFC. It signals strong confidence from a major global entity in the growth potential of Sammaan Capital and the broader Indian financial services industry. For Sammaan, which operates a network of over 220 branches and serves 1.6 million customers, the backing of a long-term institutional investor like IHC provides stability and credibility. Rating agencies like Crisil and CareEdge have noted that the acquisition, once completed, will provide better access to capital and support the company's medium-term business growth.

Conclusion

The RBI's approval for IHC's acquisition of a controlling stake in Sammaan Capital is a pivotal moment for the NBFC. The resulting ₹8,850 crore investment is poised to transform the company's growth trajectory and solidify its market position. While the deal has cleared major regulatory hurdles, all eyes are now on the final approval from SEBI, which will formalize the change in control and mark the beginning of a new chapter for Sammaan Capital under the stewardship of its new promoter.