International Holding Company (IHC), one of the world's largest listed investment companies, has successfully completed its acquisition of Sammaan Capital, marking the official integration of the Indian financial services company into the global giant's portfolio. According to recent reports, IHC is now the promoter and controlling shareholder of Sammaan Capital Ltd, effective as of May 15, 2026. The acquisition was completed through IHC's investment and subsequent open offer to Sammaan Capital's shareholders, establishing the UAE-based conglomerate as the anchor of Avalora Holdings, IHC's dedicated international financial services platform. The total investment by IHC Group in Sammaan Capital will aggregate to around ₹8,850 crore upon full exercise and conversion of subscription warrants, making it one of the largest foreign direct investments in the Indian NBFC sector. The deal received final regulatory clearance from SEBI for the strategic partnership, clearing the path for the substantial capital infusion. The Competition Commission of India (CCI) has since cleared the transaction, paving the way for IHC to become a controlling promoter in the company.
IHC operates as one of the world's largest listed investment companies with substantial financial resources and global reach. The company maintains a market capitalisation of approximately USD 232 billion and total assets of USD 117 billion, demonstrating its significant international footprint across 100+ countries. This financial strength positions IHC as a powerful new promoter for Sammaan Capital, bringing substantial financial backing and operational expertise to support the Indian financial services company's growth initiatives. The investment is being routed through IHC's affiliate, Avenir Investment RSC, with the capital raised via a preferential issue of 33 crore equity shares and 39 crore warrants, with each instrument priced at ₹139. The transaction is structured in stages, with about 26.9% stake acquired to date through the preferential allotment, while the balance of ₹3,198 crore is expected within 18 months linked to warrant conversion.
Following completion of the preferential allotment and open offer, IHC currently holds 28.41 per cent stake in Sammaan Capital. The remaining ₹3,197.25 crore will be payable upon exercise and conversion of the warrants on or before September 30, 2027. Upon full conversion of warrants, the shareholding is expected to increase to around 41.24 per cent on a fully diluted basis, significantly strengthening IHC's control over the Indian financial services company. The preferential allotment triggers a mandatory open offer to acquire up to 26% of Sammaan Capital's expanded share capital from public shareholders, as required under Indian securities regulations. If the open offer is fully subscribed, IHC, through Avenir, could hold about 63.3% stake in the company. The Samman deal represents one of the largest cross-border capital flows from the UAE into any Indian NBFC, indicating Gulf appetite for exposure to India's retail mortgage and housing-credit growth cycle.
As part of the integration, Mr. Alwyn Dinesh Crasta has been appointed as an Additional Non-Executive Non-Independent Director of Sammaan Capital Ltd, effective as of May 15, 2026. His directorship term will last five years, bringing valuable leadership experience to the company's board. This appointment reflects IHC's commitment to maintaining high corporate governance standards and ensuring proper oversight of the integrated entity. Upon completion of the transaction, IHC will be classified as a promoter of Sammaan Capital and will have the right to appoint a majority of the board, shifting influence over governance, board composition, and strategic direction toward the new promoter group.
The integration brings significant operational advantages for Sammaan Capital, including access to IHC Group's worldwide expertise in IT, AI, risk management, credit, and finance. The company anticipates improved brand image and market position, which could lead to lower borrowing costs and enhanced operational efficiency. Sammaan Capital, formerly known as Indiabulls Housing Finance, operates in the housing finance and lending segment with focus on mortgage finance and retail lending solutions, providing home loans, loans against property and other secured lending products across India. The company services about 1.6 million customers through 220 branches and operates as a mortgage-focused NBFC. As part of the partnership, Sammaan Capital will become part of IHC's newly created financial services investment platform, Judan Financial, which aims to strengthen IHC's presence across banking, insurance, asset and wealth management, capital markets, NBFCs, and financial technology. The company has positioned the investment as a milestone that places it among large upper-layer NBFCs backed by a multinational conglomerate, with ambitions to become a top 3 NBFC in India by FY 2029 through expansion in branches, product offerings, and customer base.
