Overview

• Sammaan, a mortgage-focused non-bank lender, will issue 330 million shares and 306.7 million convertible warrants to IHC affiliate Avenir at 139 rupees each.
• The subscription totals 88.50 billion rupees, or about $998 million at current exchange rates.
• On completion, Avenir would be designated as promoter and assume control of Sammaan Capital.
• The transaction requires approvals from the Reserve Bank of India and the Competition Commission of India and will trigger a mandatory open offer to existing shareholders.
• IHC describes the move as a long-term bet on housing finance growth that CareEdge projects to more than double by fiscal 2030, as it builds an India portfolio that includes Adani Group and Haldiram's.