IHC to become Sammaan Capital promoter after ₹8,850 crore investment

Sammaan Capital Ltd. (formerly Indiabulls Housing Finance) has announced that Abu Dhabi-based Holding Company PJSC (IHC) will become its promoter after acquiring a 41.5% stake through a preferential allotment of equity shares and warrants.

In filings with the exchanges on Tuesday, March 31, Sammaan Capital said the investment, routed via Avenir Investment RSC Ltd., will initially give IHC a 41.5% stake in the NBFC, with plans to increase it to as much as 63.3% following an open offer and conversion of warrants.

IHC's total investment in Sammaan is valued at nearly $1 billion (₹8,850 cr) for the 41.5% stake.

Sammaan Capital has already received an initial tranche of about ₹5,652 crore, with an additional ₹3,198 crore expected over the next 18 months upon warrant conversion.

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Upon completion of the open offer and related steps, IHC will be classified as the promoter and assume strategic control of the company, including board-level influence, in line with the share subscription agreement.

Strategic shift and growth plans

The company said the investment marks a “new phase of growth,” positioning it among a select group of large NBFCs backed by a multinational conglomerate. It also expects to benefit from IHC’s global funding networks, capital strength and institutional relationships.

“This milestone marks an important step in our long-term strategy to expand in India’s financial services sector,” said Syed Basar Shueb, CEO of IHC. “By becoming a promoter of Sammaan Capital, we are reinforcing our commitment to long-term value creation… and enabling home ownership and access to credit.”

Sammaan Capital Managing Director and CEO Gagan Banga said the partnership will help scale the business while strengthening governance and risk practices. “This partnership brings long-term growth capital and deep global capabilities… which will be instrumental in helping us scale responsibly,” he said.

Expansion strategy and repositioning

As part of its strategy, Sammaan Capital plans to transition from a pure-play mortgage lender to a diversified NBFC, expanding into retail lending segments such as MSME, personal and business loans, while scaling its branch network and customer base.

The company aims to be among the top three NBFCs in India by assets under management by FY29, supported by improved capitalisation and access to diversified funding sources.

Sammaan Capital will also become part of IHC’s global financial services platform, Judan Financial, which manages assets of over $230 billion and spans multiple countries.

The preferential allotment, approved by the Reserve Bank of India and other regulators, includes over 33 crore equity shares and multiple tranches of warrants priced at ₹139 per share.

Following the allotment, the company’s paid-up equity capital has increased, and the investor has already paid a substantial portion of the subscription amount, with the balance linked to future warrant conversion.

Shares of Sammaan Capital ended 0.27% higher at ₹148.75 on Monday, ahead of the announcement. The stock has delivered a return of almost 33% over the last 12 months.