Abu Dhabi’s IHC Triggers Open Offer After $1 bn Sammaan Capital Deal

Abu Dhabi’s royal family-owned International Holding Company (IHC) has agreed to acquire a 41.2% controlling stake in Mumbai-based non-banking financial company (NBFC) Sammaan Capital for ₹8,850 crore ($1 billion). The investment will be made through its affiliate Avenir Investment RSC Ltd.

The deal marks IHC’s entry into India’s financial services sector and represents the largest-ever investment in a non-bank financial company in the country.

As part of the transaction, IHC will invest ₹8,850 crore in Sammaan Capital through a preferential allotment of equity shares and warrants at ₹139 per share. The transaction has also triggered a mandatory open offer to purchase an additional 26% stake in the company.

Avenir Investment RSC Ltd, together with IHC Capital Holding LLC, has announced a mandatory open offer to acquire up to 26% of Sammaan Capital’s expanded voting share capital at ₹139 per share, amounting to about ₹4,750 crore.

Depending on open offer subscriptions, IHC’s stake post-investment will range between 41.2% and 63.4% on a fully diluted basis, including shares to be issued upon exercise of warrants.

Following the investment, IHC will be classified as a promoter of the company and will gain the right to appoint a majority of the Board of Directors. Once completed, the deal will make Avenir and IHC the promoters of Sammaan Capital, giving them board control, subject to approvals from SEBI, RBI, CCI, and the stock exchanges.

The NBFC, formerly known as Indiabulls Housing Finance Ltd, was trading down 4.48% at ₹161.95 on the BSE.

“This $1 billion investment reaffirms our commitment to supporting Sammaan Capital in its next phase of development, including the adoption of AI to enhance lending and credit solutions, and to contributing meaningfully to India’s financial ecosystem,” said Syed Basar Shueb, CEO of IHC. The Royal Group, owned by Abu Dhabi’s ruling dynasty, is the largest shareholder of IHC. The company’s chairman is Sheikh Tahnoon bin Zayed al-Nahyan, who also serves as the UAE’s National Security Advisor.

“We are proud to join the IHC family and contribute to its expansive global vision. Under IHC’s parentage, we will continue to focus on providing affordable housing finance and mid-market mortgage solutions to our customers, leveraging IHC’s strong technology capabilities,” said Gagan Banga, Managing Director and CEO of Sammaan Capital.