The Securities and Exchange Board of India approved the acquisition of controlling stake in Sammaan Capital Ltd. by Avenir Investment RSC Ltd., an affiliate of Abu Dhabi-based International Holding Company. The company already got nod from shareholders, lenders and creditors, stock exchanges, the Competition Commission of India, and the Reserve Bank of India.
“Now with the receipt of the SEBI approvals, all regulatory approvals for consummation of the proposed transaction are in place… The company and the investor are now engaged to conclude the proposed transaction at the earliest,” Sammaan Capital said in an exchange filing late Friday.
As part of the deal signed in October last year, Avenir will invest Rs 8,850 crore by way of preferential issue in the non-banking financial company to gain a shareholding of nearly 41.23%. Over 33 crore shares will be issued to the investor at Rs 139 apiece in order to raise Rs 4,587 crore, while the rest will be through two tranches of warrants.
Avenir will then launch an open offer which could raise its stake to 63.36% in Sammaan Capital, formerly known as Indiabulls Housing Finance.
Sammaan Capital shares ended 1% higher at Rs 148.35 on the NSE, ahead of the announcement, compared to a 2.1% advance in the benchmark Nifty 50 on Friday. The stock is up 36% in the last 12 months and 3.4% on a year-to-date basis.
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