Please find attached the copy of the Letter of Offer received by the Company from Citigroup Global India Private Limited in relation to the open offer to the public shareholders of the Company.
M&A
▲ Positive Development
MEDIUM RISK
📅 Filed on BSE: 07 Apr 2026, 02:13 PM IST · BSE ID: eb7f0255-44f6-4c0a-9301-5f5f2db85793
View Original BSE Filing (PDF)
💡
In Simple Terms
Public shareholders of Sammaan Capital can now sell their shares back to the acquirer at INR 139 per share in an open tender process.
🤖 AI Summary
- Open offer letter filed for acquisition of 34,17,54,286 shares at INR 139 per fully paid share
- Avenir Investment RSC Ltd and IHC Capital Holding LLC making unconditional offer for 26.05% of expanded voting capital
- All regulatory approvals received: CCI approved December 09, 2025; SEBI final approval March 27, 2026
- Public shareholders can tender shares; open offer has no minimum acceptance condition
- Citigroup Global Markets India Private Limited appointed as manager to the offer
🔢 Key Numbers — exact figures from BSE filing, not rounded
Offer price per fully paid equity share
INR 139
Offer price per partly paid equity share
INR 39
Total shares offered to acquire (open offer size)
34,17,54,286 shares
Percentage of expanded voting share capital
26.05%
Face value per equity share
INR 2
🏢 How This Affects the Company
Open offer enables potential change of control; existing public shareholders can exit at fixed price. Operational autonomy and strategic direction remain subject to completion of acquisition by Avenir-IHC consortium.
No immediate financial impact from filing alone. Completion triggers potential balance sheet restructuring and capital structure changes under new ownership. Cash outflow to accepting shareholders reduces float.
Acquisition completion subject to public shareholder acceptance levels and post-offer regulatory filings. Execution delays or lower-than-target acceptance could alter final control structure.
👥 What This Means For Shareholders
✅
Action Required
Public shareholders may tender shares into open offer via their stockbroker using Form of Acceptance-cum-Acknowledgement during tender window.
👤
Who Is Affected
All public shareholders of Sammaan Capital holding fully paid equity shares eligible to tender. Offer price INR 139 per fully paid share applies uniformly to all public shareholders.
🔍
Management Signal
Acquirer proceeding with unconditional offer post-regulatory approval, signaling commitment to transaction completion without performance conditions or acceptance thresholds.
For information only. Not investment advice. ForgeUp is not SEBI-registered.
👁 Watch List — track these upcoming events
Tender window closure date and final acceptances received; target completion timeline announcement.
Post-offer shareholding structure filing (Reg 31A) confirming acquisition completion and new promoter classification.
Management announcements on strategic direction, capital allocation, or business integration plans post-acquisition.
MEDIUM RISK
Acquisition completion subject to public shareholder tender acceptance with no minimum threshold. Tender uptake remains uncertain; lower-than-target acceptances could delay completion or alter final control percentages.
💡 Investor Takeaway
Open offer letter filed at INR 139 per fully paid share for 26.05% stake acquisition. All regulatory approvals completed. Public shareholders can now tender shares at fixed price with no minimum acceptance condition. Completion timeline and final control structure depend on tender response levels.
⚖️ Strengths & Concerns
✅ Positives
- All statutory approvals completed including CCI and SEBI, removing regulatory execution risk for acquirer.
- Unconditional open offer with no minimum acceptance threshold simplifies process and provides certainty.
⚠️ Concerns
- Public shareholders have limited information on acquirer's business plan or post-acquisition strategy disclosed.
- Offer price fixed at INR 139; no collar or adjustment mechanism for market or business changes post-announcement.
📅 Company Track Record
Sammaan Capital Limited (formerly Indiabulls Housing Finance Limited) — acquisition process initiated October 2025 with public announcement. CCI approval December 09, 2025; all regulatory approvals completed by March 27, 2026. Open offer letter filed April 7, 2026, initiating public shareholder tender phase.
Based on publicly available historical data. For context only.