Sammaan Capital Limited has published the pre-offer advertisement and corrigendum for Avenir Investment RSC Ltd's open offer to acquire a significant stake in the company. The comprehensive documentation marks the final phase before the tendering period commences, providing shareholders with detailed information about the acquisition process and regulatory compliance.

Open Offer Details and Pricing Structure

The open offer targets the acquisition of up to 34,17,54,286 equity shares, representing 26.05% of the expanded voting share capital of Sammaan Capital Limited. The pricing structure has been determined in accordance with SEBI SAST Regulations and reflects current market conditions.

The offer price for fully paid equity shares has been determined as the highest among various valuation parameters under Regulation 8(2) of the SEBI SAST Regulations. The volume-weighted average market price for 60 trading days preceding the public announcement was INR 138.23 per share, while the negotiated price under the share subscription agreement stands at INR 139.00 per share.

Pre-Offer Advertisement and Documentation

Citigroup Global Markets India Private Limited, serving as the manager to the open offer, has published the pre-offer advertisement cum corrigendum in multiple newspapers as required under Regulation 18(7) of the SEBI SAST Regulations. The documentation provides comprehensive updates and corrections to the detailed public statement originally published on October 09, 2025.

The pre-offer advertisement includes significant updates to financial information, shareholding structures, and regulatory approvals. All material changes since the original public announcement and comments from SEBI's observation letter dated March 27, 2026, have been incorporated into the final documentation.

Independent Directors' Recommendation and Timeline

The committee of independent directors of Sammaan Capital Limited has unanimously approved the open offer as fair and reasonable. The committee, chaired by Mr. Subhash Sheoratan Mundra, evaluated all relevant documentation and determined that the offer price complies with SEBI SAST Regulations.

The committee has advised public shareholders to independently evaluate the open offer and make informed decisions regarding tendering their shares. The recommendation emphasizes compliance with regulatory requirements while encouraging shareholder due diligence.

Revised Activity Schedule and Tendering Process

The final schedule of activities has been updated to reflect actual timelines and regulatory approvals. The tendering period will commence on April 17, 2026, providing shareholders with adequate time to participate in the offer.

All required statutory approvals have been obtained, including CCI approval dated December 09, 2025, stock exchange in-principle approval dated November 07, 2025, SEBI approvals dated March 25 and 27, 2026, and RBI approvals with waiver of public notice period dated March 24, 2026. The acquirer has secured comprehensive financial arrangements totaling INR 5,32,64,50,00,000 through bank guarantees, cash escrow amounts, and undrawn facilities.

Financial Arrangements and Regulatory Compliance

Avenir Investment RSC Ltd has established robust financial arrangements to fulfill its obligations under the open offer. The comprehensive funding structure ensures adequate resources for the acquisition while maintaining regulatory compliance.

The tender offer method will be used for share acquisition, as the acquirer has not obtained control over the target company prior to the commencement of the tendering period. Public shareholders can access the letter of offer and related documents through multiple channels, including SEBI, stock exchange, manager, and registrar websites.

Sammaan Capital Limited has fulfilled its quarterly regulatory obligations by submitting the required certificate under Regulation 74(5) of Securities and Exchange Board of India (Depositories and Participants) Regulations 2018 for the quarter ended March 31, 2026. The submission was completed on April 15, 2026, ensuring compliance with SEBI's depository regulations.

Regulatory Compliance Details

The certificate confirms that all details of securities dematerialized and rematerialized during the quarter ended March 31, 2026, have been properly furnished to stock exchanges where the company's shares are listed. This compliance requirement ensures transparency in the dematerialization process and maintains accurate records of share transactions.

Depository Services Coverage

The compliance certificates were submitted to both major depositories in India, covering the company's securities across different categories. KFIN Technologies Limited, acting as the Registrar, Share Transfer and Depository Services agent, issued separate certificates for regular equity shares and rights issue securities.

The certificates were addressed to:

• National Securities Depository Limited (NSDL)
• Central Depository Services (India) Limited (CDSL)

Company Information

Sammaan Capital Limited, formerly known as Indiabulls Housing Finance Limited, operates from its corporate office located at Tower 3A, DLF Corporate Greens, Sector-74A, Gurgaon, Haryana. The company's registered office is situated at A-34, 2nd & 3rd Floor, Lajpat Nagar-II, New Delhi.

Certification Process

The certification process was overseen by Company Secretary Amit Kumar Jain, who digitally signed the submission documents on April 15, 2026. C Shobha Anand, Vice President at KFIN Technologies Limited, signed the individual certificates submitted to both NSDL and CDSL, confirming the completion of regulatory requirements.

This quarterly submission demonstrates the company's commitment to maintaining regulatory compliance and ensuring proper documentation of all securities transactions during the specified period.