IHC's Avenir Investment To Acquire 43% Stake In Sammaan Capital For Rs 8,850 Crore

Abu Dhabi-based International Holding Company (IHC) is set to acquire a 43.5% stake in Indian financial services firm Sammaan Capital in a deal valued at ₹8,850 crore.

The board of Sammaan Capital has approved a preferential issue comprising 33 crore equity shares and 31 crore warrants to IHC, each priced at ₹139. The investment will see IHC emerge as the new promoter of Sammaan Capital.

IHC will launch a mandatory open offer under the Securities and Exchange Board of India’s (SEBI) takeover code, in accordance with Indian regulations, which will give existing shareholders an opportunity to tender their shares as part of the acquisition process.

Once it gets classified as a promoter, the agreement also provides for a change in the articles of association of the company and grants Avenir the right to nominate board members. The Sammaan Capital scrip had closed 5.41 per cent up at Rs 169.55 apiece on the BSE on Wednesday.

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