Citigroup Global Markets India Private Limited ("Manager to the Offer") has informed BSE as under :<BR><BR>"Please note that in relation to the Open Offer, Nil Equity Shares, constituting ....
M&A
▼ Concern Flagged
HIGH RISK
📅 Filed on BSE: 21 Apr 2026, 09:09 AM IST · BSE ID: 7dedfeb2-3522-4e8f-833c-3eb2fb909ea9
View Original BSE Filing (PDF)
💡
In Simple Terms
No public shareholders have yet offered to sell their Sammaan Capital shares during this INR 8,849.99 Crore acquisition tender period.
🤖 AI Summary
- Open offer for 34,17,54,286 equity shares (26.05% stake) at INR 139/share records zero public tenders
- Acquisition by Avenir Investment RSC Ltd and IHC Capital Holding LLC acting in concert; INR 8,849.99 Crore deal
- As of April 20, 2026: nil shares tendered in Open Offer Escrow Demat Account with Ventura Securities
- Tender phase remains active; shares subject to validation and verification before final acceptance
- All regulatory approvals completed; Letter of Offer dated April 3, 2026 and Addendum dated April 9, 2026 in effect
🔢 Key Numbers — exact figures from BSE filing, not rounded
Equity shares offered for acquisition
34,17,54,286 shares (26.05% of expanded voting capital)
Open offer price per share
INR 139
Total deal size
INR 8,849.99 Crore
Equity shares tendered by April 20, 2026
Nil (0%)
🏢 How This Affects the Company
Acquisition completion remains contingent on public shareholder participation. Zero tenders as of April 20 indicate insufficient public share acceptance to date.
Prolonged zero tender response creates uncertainty over acquisition execution timeline and final shareholding structure post-takeover.
👥 What This Means For Shareholders
✅
Action Required
Public shareholders holding Sammaan Capital shares must submit tenders during the open offer period to participate in sale at INR 139 per share.
👤
Who Is Affected
All public shareholders of Sammaan Capital. Offer targets 34,17,54,286 shares representing 26.05% of expanded voting capital. Zero tenders recorded as of April 20, 2026.
🔍
Management Signal
Acquirer (Avenir Investment RSC Ltd and IHC Capital Holding LLC) proceeding with regulatory timeline despite minimal public share submission response to date.
For information only. Not investment advice. ForgeUp is not SEBI-registered.
👁 Watch List — track these upcoming events
Open offer closure date: confirm final tender count and acceptance ratio
Reg 31A(10) filing: watch for promoter reclassification completion disclosure
BSE announcement: acquisition completion status and final shareholding structure
HIGH RISK
Zero public share tenders as of April 20 creates substantial execution risk. Acquisition completion contingent on shareholder participation during offer window.
💡 Investor Takeaway
Sammaan Capital acquisition open offer targeting 34,17,54,286 shares (26.05%) at INR 139/share shows zero public tenders as of April 20, 2026. Completion contingent on shareholder participation during active tender window.
⚖️ Strengths & Concerns
⚠️ Concerns
- Zero equity shares tendered by public shareholders as of April 20, 2026 despite active open offer period.
- Acquisition completion remains uncertain; prolonged lack of public participation delays transaction finality and deal closure.
📅 Company Track Record
Sammaan Capital acquisition process launched April 7, 2026 with Letter of Offer. Public shareholders informed of tender at INR 139/share on April 7 (Addendum April 9). By April 17, zero public tenders recorded. April 20 filing confirms nil tenders remain.
Based on publicly available historical data. For context only.