Sammaan Capital Open Offer: Avenir Investment to Acquire 26% Stake at 4% Discount

Synopsis: UAE-based Avenir Investment RSC Ltd, backed by IHC, has launched a mandatory open offer to acquire a 26.05% stake in Sammaan Capital  at Rs. 139 per share, a 2–4% discount to the current market price of Rs. 142–145. The total deal is worth around Rs. 4,750 crore. 

Shares of one of the leading housing financing firms of India that provides home loans and loan against property, corporate mortgage loan, lease rental discounting, residential construction finance and more saw its shares in focus followed by open offer given to public to acquire upto 26 percent public shareholding.

With a market capitalization of Rs. 12,000 Crores the shares of Sammaan Capital Limited closed at Rs. 145 per equity share, down 1.6 percent from its previous day’s close price of Rs. 147.45. Over the last one year it has delivered a return of 42 percent over Nifty 50’s return of 4 percent.

What is the purpose of this open offer?

Avenir Investment RSC Ltd, an Abu Dhabi-based entity, along with its PAC IHC Capital Holding LLC a subsidiary of UAE conglomerates International Holding Company PJSC (IHC) has launched an open offer to acquire up to 34.17 crore equity shares or 26% holding of Sammaan Capital at Rs.139 per share and the open offer will be open from April 17th 2026 to April 30th 2026

The Discount Side: Buying for about 4% less than the market price

The open offer is being made at a discount of less than 4 percent from the recent trading range of Rs. 142-145. From a shareholder’s perspective, tendering at Rs. 139 means realizing a value below the prevailing market rate. At current levels, selling through the open market remains the more financially prudent option. That said, shareholders should monitor the stock closely. A decline below Rs. 139 during the offer period could make tendering the more favorable course of action.

Financial Arrangements

Avenir has placed Rs.551 crore in an HDFC bank guarantee as escrow, plus Rs.47.6 crore in cash. At full subscription all 34.17 crore shares at Rs.139 the total consideration comes to roughly Rs.4,750 crore. Citigroup Global Markets India is managing the offer; Citibank N.A. is the escrow agent.

A bit about Sammaan Capital

Most likely, you were familiar with Indiabulls Housing Finance. In the middle of 2024, it was renamed Sammaan Capital. It is one of the bigger mortgage-focused NBFCs in India under RBI regulation. With Q3FY26 PAT of Rs. 314 Cr and 9M FY26 PAT of Rs. 957 Cr, Sammaan Capital announced a healthy financial performance, indicating a robust recovery from losses in the previous year. With a net worth of Rs. 22,423 Cr and an AUM of Rs. 64,200 Cr, the company has a strong balance sheet that is backed by strong margins (NIM 5.3%). Furthermore, with GNPA at 1.2% and NNPA at 0.7%, indicating efficient risk management, asset quality is still strong.

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