Private Equity PE Fund Investments
UAE’s IHC to acquire 43.5% in home loans provider Sammaan Capital for $1-B
Source Economic Times (opens in a new tab)Press Release (opens in a new tab)
Abu Dhabi-headquartered International Holding Co. (IHC) is to acquire a controlling stake of 43.46% in publicly listed, Gurugram-based Sammaan Capital Ltd (formerly Indiabulls Housing Finance) for USD 1 Billion through a preferential share issuance. IHC will launch an open offer to acquire an additional 26% from minority investors.The current management team at Sammaan, led by MD and CEO Gagan Banga, Deputy CEO Himanshu Mody and COO Sachin Chaudhary, will stay on.Sammaan Capital, along with its wholly owned subsidiary Sammaan Finserve, managed assets of INR 62,346 crore at the end of March, with housing loans accounting for 73% of the portfolio. The loan against property (LAP) portfolio accounted for 18% of the overall AUM, with the remaining comprising commercial credit.The mortgage-focused non-banking finance company (NBFC) claims to service 1.6 million customers through 220 branches.