Sammaan Capital Ltd's board authorised the fundraising of Rs 2,500 crore via the issue of equity shares through one or more qualified institutions placements, according to an exchange filing on Wednesday.
The firm will hold an extraordinary general meeting on Jan. 3, 2025 to seek approval from shareholders for the QIP issue.
"We wish to inform that the board of directors of the company at its meeting held today i.e. Wednesday, Dec. 11, 2024 (which commenced at 3:30 p.m. and concluded at 4:30 P.M.), discussed and authorized the raising of funds, through issue of equity shares, up to an aggregate amount of Rs 2,500 crore (or equivalent US dollars or any other foreign currency), through one or more qualified institutions placements," the filing stated.
Formerly known as Indiabulls Housing, the firm changed its name to Sammaan Capital with effect from July 26, 2024.
In August, the company's board passed an enabling resolution for raising funds through the issuance of nonconvertible debentures or "bonds not in the nature of equity shares," up to Rs 30,000 crore in one or more tranches on a private placement basis.
The fund raising period starts from the date of receipt of shareholders' authorisation until the completion of a one-year period, the company had stated.
Shares of Sammaan Capital closed 1.27% lower at Rs 167.86 apiece on the NSE, compared to a 0.13% increase in the benchmark Nifty 50. The stock has fallen 13.12% on a year-to-date basis and 5.65% over the past 12 months.
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