IHC of Abu Dhabi would pay ₹8,850 crore to acquire 43.5% of Sammaan Capital.

A division of Abu Dhabi's International Holding Company (IHC) has agreed to invest close to $1 billion (₹8,850 crore) for a 43.46 percent share in the non-banking financial company (NBFC), Sammaan Capital Limited (previously Indiabulls Housing Finance) announced on Thursday.The board of Sammaan Capital, an upper-tier NBFC, approved a preferential allotment of 330 million equity shares and 307 million warrants worth approximately ₹8,850 crore to Avenir Investment RSC Ltd, a unit of IHC, paving the way for the global investor to assume promoter status with a 43.46 per cent holding. Because of the ownership shift, the deal necessitates an open offer, which gives minority shareholders a way out in accordance with Securities and Exchange Board of India (Sebi) requirements.According to a joint statement from the two businesses, the transaction signifies IHC's debut in the financial services industry in India and the biggest primary capital infusion by a single investor into an NBFC in the nation.At its Thursday meeting, the board approved the issuing of 330 million equity shares at a price of ₹139 each, which is 18% less than the closing price of ₹169.55 on Wednesday.

This amounts to around ₹4,587 crore. Additionally, it authorized 307 million warrants worth around ₹4,263 crore that could be converted into equity shares. Due to a national holiday, the stock markets were closed on Thursday.