Sammaan Capital Ltd. share price fell nearly 5% during early trade on Friday amid high trading volume after key corporate updates.
Avenir Investment RSC, an affiliate of Abu Dhabi-based International Holding Company, has agreed to purchase a 43.46% stake in Sammaan Capital for nearly $1 billion (Rs 8,850 crore), the non-banking financial company said in a regulatory filing to the stock exchanges on Thursday.
The NBFC, formerly known as Indiabulls Housing Finance, will be raising the capital by issuing preferential shares to Avenir after getting requisite approval. The investment will see IHC emerge as the new promoter of Sammaan Capital.
The deal will lead to significant equity dilution for existing shareholders, from 98.25% to 57.74%.
The current book value of Rs 243.6 per share will go down to Rs 200.5 after the fundraise.
Avenir-Sammaan Capital Deal
Post-preferential allotment, in which it will invest Rs 8,850 crore, Avenir will hold over 63 crore shares in the company, representing 43.46% of the holding. As per the agreement, 33 crore shares of the company will be issued to the investor at Rs 139 apiece, an 18% discount to the last closing price, in order to raise Rs 4,587 crore, while the rest will be through two tranches of warrants.
It will subscribe to 8.60 lakh warrants at the same price, with each carrying a right to subscribe to one equity share, which will help raise another Rs 1,207 crore, while another Rs 3,055 crore will be raised through the issue of 21.97 crore of similar warrants. This will trigger an open offer as per the regulatory guidelines to acquire an additional 26%.
Sammaan Capital Share Price Movement
Sammaan Capital share price fell 4.9% intraday to Rs 161.35 apiece. The benchmark NSE Nifty 50 was down 0.3%. The total traded volume so far in the day stood at 8.2 times its 30-day average with a turnover of Rs 545 crore. The relative strength index was at 69.
The stock has risen 1.6% in the last 12 months and 7% on a year-to-date basis.
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