International Holding Company PJSC, a global investment company, has entered into definitive agreements to acquire a controlling stake of 41.2% in Sammaan Capital for a total consideration of ₹8,850 crore (approx. AED 3.67 bn) through its affiliate, Avenir Investment.
The transaction marks IHC’s entry into the financial services sector in India and represents the largest ever primary capital infusion by an investor in a non-bank financial company in India.
As part of the transaction, IHC will be investing ₹8,850 crore in Sammaan Capital via a preferential allotment of equity shares and warrants at a price of ₹139 per share. The transaction will trigger a mandatory open offer for the purchase of an additional 26.0% stake in the Company on an expanded capital basis. Based on the open offer subscription, IHC’s stake post the investment will vary between 41.2% to 63.4% on a fully diluted basis (including shares to be issued pursuant to exercise of warrants).
IHC will be classified as Promoter of the Company post the investment and will have the right to appoint the majority of the Board of Directors. The transaction is subject to the regulatory and statutory approvals and customary closing conditions.
Syed Basar Shueb, CEO, International Holding Company, said, “India represents a core strategic market for us, and its long-term growth fundamentals are compelling. We have been impressed by Sammaan Capital’s leadership in enabling home ownership and empowering small businesses across the country. This USD 1 billion investment reaffirms our commitment to supporting Sammaan Capital in its next phase of development, including the adoption of AI to enhance lending and credit solutions, and to contributing meaningfully to India’s financial ecosystem.”
Gagan Banga, Managing Director and CEO, Sammaan Capital, said, “Sammaan Capital’s journey has been defined by resilience, adaptability, and an unwavering commitment to creating stakeholder value. We are proud to join the IHC family and contribute to its expansive global vision. Under IHC’s parentage, we will continue to focus on providing affordable housing finance and mid-market mortgage solutions to our customers, leveraging IHC’s strong technology capabilities. The alignment of aspirations between IHC and Sammaan Capital is deeply encouraging, and we are confident that our experienced and dynamic leadership will propel the next phase of growth with renewed energy and purpose.”
