BENGALURU (Reuters) -Abu Dhabi’s International Holding Co (IHC) will acquire a 43.5% stake in Sammaan Capital in a deal valued at 88.50 billion rupees ($997.7 million), the Indian non-banking financial company said on Thursday.
The NBFC said it will issue 330 million shares and 306.7 million convertible warrants to Avenir Investment RSC, an affiliate of IHC, at 139 rupees each.
Avenir Investment will be classified as a promoter of the company following the investment and will assume control.
The deal, which is subject to approval from India’s central bank and the competition regulator, will trigger a mandatory open offer for the purchase of additional stake from existing shareholders.
($1 = 88.7080 Indian rupees)
(Reporting by Nishit Navin; Editing by Shailesh Kuber)
