Sammaan Capital Limited has secured a crucial regulatory milestone with the Reserve Bank of India (RBI) approving the proposed acquisition by Avenir Investment RSC Ltd. The approval, granted on March 24, 2026, marks a significant step forward in the major transaction that will see substantial foreign investment in the Indian financial services company worth ₹8,850 crore.

Transaction Details and Investment Structure

The proposed transaction involves Avenir Investment RSC Ltd, which is owned and controlled by International Holding Company PJSC, acquiring a controlling stake in Sammaan Capital Limited (formerly known as Indiabulls Housing Finance Limited). The deal structure includes a substantial financial commitment from the investor.

Shareholding Structure Post-Transaction

The transaction will result in significant changes to the company's ownership structure, with Avenir Investment set to become the controlling shareholder through a phased approach.

Upon completion of the preferential issue, the acquirer will hold approximately 41.23% of the paid-up equity share capital. Following the completion of both the preferential issue and the open offer, assuming full uptake in the open offer, Avenir's stake will increase to approximately 63.36% of the company's equity.

Regulatory Approvals and Timeline

The RBI has provided comprehensive approval for the transaction, including the indirect change of control of Sammaan Finserve Limited (formerly known as Indiabulls Commercial Credit Limited), which is a wholly owned subsidiary of Sammaan Capital. Additionally, the central bank has granted a waiver of the public notice period, facilitating a smoother transaction process.

The Securities and Exchange Board of India (SEBI) approval remains the only pending regulatory clearance required for the transaction's completion. Both Sammaan Capital and Avenir Investment are actively engaging with SEBI to ensure expeditious receipt of the necessary approvals for timely completion of the proposed transaction.

Transaction Framework

The proposed transaction will be executed according to the terms outlined in the share subscription agreement dated October 2, 2025, entered into between Sammaan Capital and Avenir Investment. The completion is subject to the fulfillment of other contractual conditions as specified in the agreement.

This development follows previous intimations dated October 2, 2025, October 29, 2025, November 7, 2025, and December 10, 2025, regarding the proposed acquisition, demonstrating the systematic progress of this significant corporate transaction in the Indian financial services sector.

Sammaan Capital Limited has successfully completed scheduled interest payments totaling ₹10.39 lacs on its non-convertible debentures. The company made the announcement on March 23, 2026, in compliance with Regulation 57 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Payment Details

The company serviced three different series of debentures with payments made on March 23, 2026, one day ahead of the scheduled due date of March 24, 2026. The debentures were issued through public offerings and are listed on stock exchanges, with a record date of March 9, 2026.

Payment Schedule and Compliance

All three debenture series follow a monthly payment frequency with no changes made to the payment schedules. The last interest payment for these monthly payment debentures was made on February 24, 2026. The company confirmed that no delays occurred in the payment process and all payments were made in full.

Regulatory Framework

The payments were made in accordance with SEBI Master Circular Ref. No. SEBI/HO/DDHS/DDHS-PoD-1/P/CIR/2025/0000000103 dated July 11, 2025. The company's announcement was addressed to both the National Stock Exchange of India Limited and BSE Limited, ensuring compliance with listing requirements across both exchanges.

Company Background

Sammaan Capital Limited, formerly known as Indiabulls Housing Finance Limited, continues to maintain its debt servicing commitments across its portfolio of non-convertible debentures. The timely completion of these interest payments demonstrates the company's ongoing financial discipline and commitment to meeting investor obligations on schedule.