Overview

• Sammaan will issue 330 million equity shares and 306.7 million convertible warrants at Rs139 each to IHC affiliate Avenir Investment RSC.
• The Rs88.50 billion transaction will designate Avenir as promoter with rights to appoint a board majority, subject to RBI and CCI approvals.
• Reports differ on the initial stake size at 41.2% versus 43.5%, reflecting varying assumptions on dilution from the warrants.
• A mandatory open offer has been triggered, and the final holding could rise to as much as 63.4% on a fully diluted basis depending on subscriptions.
• IHC and Sammaan say the investment will expand mortgage lending and support AI-driven credit and underwriting capabilities in India.