Sammaan Capital shares climbed over 7% after the Reserve Bank of India (RBI) approved the acquisition of a 66.65% stake in the company by Avenir Investment RSC Ltd, according to a regulatory communication.
Avenir Investment RSC Ltd, an Abu Dhabi-based special purpose vehicle and a subsidiary of International Holding Company (IHC), will acquire the majority stake in Sammaan Capital as part of the approved transaction. The RBI has also taken on record the resulting indirect change in control of Sammaan Finserve Ltd, which will follow the completion of the stake acquisition in its parent entity.
As part of the approval, the central bank has cleared the appointment of Alwyn Dinesh Crasta as a director in the company’s management for a period of up to five years. It has also granted a complete waiver on the requirement for issuing a public notice related to the transaction, as per the official statement.
The RBI, however, has imposed certain conditions on the deal. It has directed that the non-banking financial company must ensure that no other group entity undertakes unauthorised NBFC activities. The regulator reiterated that the company is not permitted to raise public deposits and must comply with all applicable regulatory directions issued from time to time.
The approval remains subject to compliance with the RBI’s 2025 directions on acquisition of shareholding and governance for NBFCs, along with provisions under the Companies Act, 2013, and the Foreign Exchange Management Act (FEMA), 1999.
The central bank has also stated that the transaction must be completed within one year, failing which the approval will lapse. Any subsequent increase in Avenir Investment’s stake to 26% or more will require prior approval from the RBI.
Further, the RBI has reserved the right to impose additional conditions or withdraw its approval if any adverse information emerges regarding the acquirer or the appointed director.