Sammaan Capital Limited's open offer by Avenir Investment RSC Ltd has recorded zero equity shares tendered for the fourth consecutive day of the tendering period. Citigroup Global Markets India Private Limited, serving as the manager to the open offer, reported that no shares were deposited in the designated escrow demat account on April 20, 2026, continuing the trend of nil participation since the offer commenced on April 17, 2026. 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 .

Tendering Status Update

The open offer escrow demat account maintained with Ventura Securities Limited showed no activity on April 20, 2026, mirroring the results from previous days. The manager to the open offer confirmed that Nil Equity Shares, constituting 0% of the Offer Size, have been tendered in the Open Offer Escrow Demat Account as per the statement received on April 20, 2026.

The manager clarified that tendered shares remain subject to validation and verification of complete documentation submission. The final acceptance of shares will comply with SEBI SAST Regulations and the letter of offer dated April 03, 2026, along with the addendum dated April 09, 2026. The number of Equity Shares tendered by Public Shareholders may differ from the number of Equity Shares which will be accepted by the Acquirer in the Open Offer.

Open Offer Structure and Pricing

The open offer targets the acquisition of up to 34,17,54,286 equity shares of face value INR 2.00 each, representing 26.05% of the expanded voting share capital of Sammaan Capital Limited. The pricing structure reflects current market conditions and regulatory compliance requirements.

The offer price for fully paid equity shares represents the highest valuation among various 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.

Regulatory Framework and Timeline

The open offer operates under comprehensive regulatory oversight with all required statutory approvals obtained. The tendering period provides shareholders adequate time to evaluate and participate in the acquisition process.

Avenir Investment RSC Ltd has established financial arrangements totaling INR 5,32,64,50,00,000 through bank guarantees, cash escrow amounts, and undrawn facilities to fulfill acquisition obligations. The committee of independent directors unanimously approved the offer as fair and reasonable, with Mr. Subhash Sheoratan Mundra serving as chairman.

Documentation and Compliance

Citigroup Global Markets India Private Limited continues to manage the offer process with MUFG Intime India Private Limited serving as registrar. The comprehensive documentation includes updates to financial information, shareholding structures, and regulatory approvals since the original public announcement.

Public shareholders can access the letter of offer and related documents through SEBI, stock exchange, manager, and registrar websites. The tender offer method applies as the acquirer has not obtained control over the target company prior to the tendering period commencement.

Sammaan Capital Limited has announced the successful completion of its tender offer to purchase U.S.$45 million of its outstanding U.S.$450 million 7.5% Senior Secured Social Bonds due 2030. The announcement, made under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, confirms that the early tender deadline concluded on April 20, 2026, at 5:00 P.M. Central European Time.

The tender offer, which was conducted pursuant to a tender offer memorandum dated April 7, 2026, invited holders to tender their bonds for purchase by the company for cash up to the maximum purchase amount. According to information provided by D.F. King, a business name of MUFG Corporate Markets IR Pty Ltd, serving as the information and tender agent, the aggregate principal amount of bonds validly tendered at or prior to the early tender deadline exceeded the maximum purchase amount of U.S.$45 million.

Tender Offer Results and Scaling

As a result of the oversubscription, a scaling factor of approximately 38.147% has been applied to valid tenders of bonds submitted at or prior to the early tender deadline. Each tender of bonds reduced in this manner will be rounded downwards to the nearest U.S.$1,000 in aggregate principal amount. The company has made an exception for tenders where the application of proration would have resulted in either the company accepting bonds from any holder in a principal amount of less than U.S.$200,000, or the principal amount of bonds not purchased due to scaling being less than U.S.$200,000. In such cases, the company has elected to accept those tenders in full.

Settlement and Payment Terms

The company has elected to accept U.S.$45 million in aggregate principal amount of bonds that were validly tendered and not validly revoked at or prior to the early tender deadline. Holders whose tenders were accepted will receive the early tender offer consideration of U.S.$1,000 per U.S.$1,000 principal amount of bonds validly tendered and accepted pursuant to the tender offer. The settlement date for bonds accepted for purchase is expected to be April 24, 2026, subject to the terms and conditions described in the tender offer memorandum.

In addition to the early tender offer consideration, holders will also receive accrued and unpaid interest and additional amounts, if any, in cash, in respect of any bonds purchased in the tender offer from, and including, the last interest payment date to, but excluding, the early payment date. The company will arrange for cancellation of all bonds validly tendered and accepted for purchase following the transaction.

Future Tender Offer Timeline

The expiration time of the tender offer is scheduled for 5:00 P.M. Central European Time on May 5, 2026, unless extended or earlier terminated. However, since the aggregate principal amount of bonds validly tendered by holders resulted in the maximum purchase amount being exceeded, the company will not accept any bonds validly tendered by bondholders after the early tender deadline. The company reserves the right, in its sole and absolute discretion, to purchase bonds in excess of the maximum purchase amount, subject to applicable law.

The company will announce whether the conditions to the tender offer have been satisfied or waived, the principal amount of bonds accepted for purchase, and the aggregate principal amount of bonds that will remain outstanding following completion of the tender offer as soon as reasonably practicable following the expiration time. Holders have been advised to read the tender offer memorandum carefully, available on the tender offer website, for full details and information on procedures for participating in the tender offer.