French multinational bank Societe Generale acquired 50.6 lakh shares in Sammaan Capital worth ₹76 crore, according to reports from The Economic Times. The transaction was executed at a price of ₹149.92 per share, representing an 8% premium over the Tuesday closing price of ₹138.51 on the NSE. Following the deal, Sammaan Capital's shares settled nearly 6% higher at ₹146.30 during the trading session.
The bulk deal comes after the Reserve Bank of India (RBI) cleared the decks for Abu Dhabi's International Holding Company (IHC) to acquire a controlling stake in Sammaan Capital. As reported by The Economic Times, the acquisition of a 66.65% controlling stake will be made via Avenir Investment RSC, which is owned and controlled by IHC. Avenir Investment RSC proposed to invest nearly ₹8,850 crore through a preferential issue, marking one of the largest investments by a Middle Eastern entity in India's financial services sector.
According to The Economic Times, Sammaan Capital has been a market outperformer with 23% returns over a 1-year period and is currently trading above its 50-day and 200-day simple moving averages of ₹145 and ₹144 respectively. The stock has shown strong performance over the past year, demonstrating resilience despite market challenges. The company, formerly known as Indiabulls Housing Finance, continues to maintain its position as a significant player in the financial services sector.
In a separate transaction, ace investor Mukul Agrawal sold 21 lakh shares in Siyaram Recycling Industries via a bulk deal, as reported by The Economic Times. The shares were purchased by Param Value Investments at a price of ₹38.20 per share, representing a 4.3% premium over the Tuesday closing price of ₹36.64. Following the transaction, Siyaram Recycling Industries' shares settled at ₹38.28, up by ₹1.64 or 4.5% over the previous closing price.
According to The Economic Times, Siyaram Recycling Industries has experienced significant challenges with its stock price seeing a 72% erosion in the past year. Agrawal held 22 lakh shares representing a 10.10% stake in the company according to September shareholding data on the BSE. The bulk deals reflect ongoing investment activity in both established and emerging market segments, with Societe Generale's acquisition in Sammaan Capital occurring just a day after the RBI's regulatory clearance for the controlling stake acquisition.
