Abu Dhabi’s IHC to Acquire $1 Billion Stake in Sammaan Capital, Largest Foreign Investment in India’s NBFC Sector

New Delhi, October 3, 2025: Abu Dhabi’s ruling family-owned International Holding Company (IHC) will acquire a 41.2% stake in Sammaan Capital (formerly Indiabulls Housing Finance) for Rs 8,850 crore (~$1 billion), marking the largest foreign investment in India’s non-banking financial company (NBFC) space.

The transaction will be executed through a preferential allotment of equity and warrants at Rs 139 per share, below Wednesday’s closing price of Rs 170. The acquisition will trigger a mandatory open offer for an additional 26% stake, potentially taking IHC’s total holding to 63.4% on a fully diluted basis. Following the deal, IHC will be classified as a promoter and gain the right to appoint a majority of directors.

The investment, routed through IHC’s affiliate Avenir Investment, is subject to regulatory and statutory approvals.

Strategic Focus and Leadership
“Under IHC’s parentage, we will continue to focus on providing affordable housing finance and mid-market mortgage solutions, leveraging IHC’s technology capabilities,” said Gagan Banga, MD & CEO of Sammaan Capital. IHC is also a significant non-promoter shareholder in several Adani Group companies.

Company Background
Sammaan Capital traces its origins to Indiabulls Financial Services, founded in the early 2000s by IIT-Delhi alumni Sameer Gehlaut, Rajiv Rattan, and Saurabh Mittal. Starting as a stockbroking firm, it later diversified into consumer and housing finance and was listed in 2004.

Promoter Sameer Gehlaut gradually reduced his stake from 22% to under 5%, selling blocks to investors including Blackstone and ADIA, and exited the board in March 2022, completing his full exit by FY24.